52% Omanis expect business conditions to improve: Survey

Muscat: Forty-four per cent of the respondents in Oman believe that their country’s economy is worse today compared to six months ago, according to a survey conducted by Bayt.com, the Middle East’s number one job site, and YouGov, a leading market research agency.
Despite this, 37 per cent of the citizens who participated in the ‘Middle East Consumer Confidence Index’ survey expect the country’s economy to improve in the next six months.
Overall, only 11 per cent of respondents in the Sultanate believe that their country’s economy has improved compared to 6 months earlier, while 29 per cent claim that it has remained the same. Almost half of the respondents (44 per cent) believe the country’s economy has receded.
Regarding expectations for business conditions in a year’s time, 52 per cent of Oman respondents are optimistic, 26 per cent expect the situation to remain unaltered, while 14 per cent are not confident at all, stating that the business conditions have the potential to get worse.
When asked about future expectations, 37 per cent of respondents were optimistic about the economy improving, and a lower number believed the opposite to be true (20 per cent). Nevertheless, 27 per cent of the respondents don’t expect any change in the economy.
In terms of business conditions, 38 per cent believe that business conditions are presently good. Conversely, 30 per cent believe that conditions are average, while 32 per cent believe that they are bad.
“Despite the negative feelings that have characterised the past few months, there are sparks of optimism among respondents that economic conditions in their countries will improve in the future,” said Suhail Al Masri, VP of Employer Solutions, Bayt.com.
When it comes to job availability, 32 per cent state that there are few jobs available across few industries, while 26 per cent of respondents believe there are few jobs available across various industries. About 18 per cent of Oman respondents claim that there are plenty of jobs available but across a few industries only, while a minor 9 per cent state that there are plenty of jobs available across a wide variety of industries.
When it comes to future availability of jobs, a general negative outlook prevails amongst Oman consumers, where 35 per cent of the respondents believe there will be a decrease of jobs available in their country over the next six months, and 30 per cent state that the availability won’t change. However, 19% are still positive about this, stating that job availability will increase.
“It is important for us to conduct thorough research into the regional consumer sentiments. Conducted twice a year with Bayt.com, the Middle East Consumer Confidence Index survey is a powerful tool that gives insight into the thoughts and opinions about personal, business, and economic conditions of those living in the Middle East and North African (Mena) region,” said Elissavet Vraka, research manager of YouGov.
Regarding investing in property in the next 12 months, a quarter of Oman respondents (25 per cent) say that they are planning to purchase property and 48 per cent of respondents, however, are not. Of those who are planning on making a property investment, 56 per cent will be looking to buy new property, while 19 per cent will invest in pre-owned estate.
Less than half of Oman respondents are looking to purchase an apartment (37 per cent), while around a half will buy a villa/townhouse/bungalow (44 per cent) and 7 per cent will invest in commercial property.
Less than 4 in 10 respondents (31 per cent) believe that their current financial position is better now than it was six months ago, while 36 per cent believe that it has remained the same. On a positive note, almost 4 in 10 (36%) Oman respondents expect their financial situation to improve in the next six months, while 33% say that it will remain the same.
Considering the opinions on the future cost of living, the majority of respondents (68 per cent) expect the cost of living to increase in the next six months. On the other hand, only 2 68 per cent of them expect it to decrease. When asked about the situation of their current savings compared to last year’s, 18 per cent Oman respondents claim that their savings have increased, while 34% claim that savings have remained the same. However, 45 per cent believe that their savings have decreased in the same period.
A third of Oman respondents (35 45 per cent) are planning to buy a vehicle for personal use in the next 12 months. Conversely, 51 per cent are not planning on buying a vehicle at all.