CAIRO: Results from a recent Consumer Confidence Index survey show that Egyptians hold an optimistic view of their personal financial future, as well as a positive outlook for the country’s economy.
However, a majority of surveyed employees feel that the current remuneration does not run parallel with rising living costs.
The survey was conducted jointly by Bayt.com, a Middle East job site, and research and consulting organization YouGov. Data was collected from June 1-July 17, 2011, with 7,245 respondents from across the region.
According to the poll, expectations are primarily positive amongst respondents from Egypt, with 52 percent believing that their financial circumstance will improve in a year’s time. This sentiment was echoed as a large majority of Egypt’s respondents believe that the coming year will usher in better business conditions for the country as a whole which in turn, will open up more job opportunities.
“The overall feeling is that while the coming year will be favorable for business and corporations, although this may not necessarily reflect on employees’ benefits,” explained Amer Zureikat, VP of sales at Bayt.com.
Unemployment in Egypt rose from just under 9 percent to almost 12 percent in the first quarter of this year as GDP fell by 4 percent, according to Trading Economics.
This ¬¬¬impact on the domestic economy was exhibited as a third of the surveyed respondents felt their personal financial situation had deteriorated from a year ago.
This sentiment was reflected in the current posture toward the purchase of consumer durable goods. The majority of those polled remain hesitant to incur large purchases in the current market, with most opting to shy away from investments in property and purchasing new cars in the next 12 months. Only 12 percent of Egypt’s respondents feel that this is a positive time to buy.
In reference to the level of job security in Egypt, survey results demonstrated a more positive opinion; 63 percent of employees surveyed said they were either of neutral opinion or highly satisfied with regards to their current job security. While 27 percent of employees admitted to being unsatisfied concerning their own job security.
Going forward, the Egyptian economy will continue to seek out its footing to secure consistent and long term growth prospects, while rebuilding sectors that have incurred recent setbacks. It will remain to be seen if the optimistic sentiment found in the domestic economy will translate into tangible growth, reconciling the current remuneration in relation to rising living costs in Egypt.
