DUBAI – With the UAE economy set to grow at a healthy rate in 2013, the country’s Filipino expatriates can look forward to more employment opportunities and better job security.
According to the Institute of International Finance (IIF), a global association of over 470 financial institutions, the UAE economy is likely to grow at 4.7% in 2013, up from 4.1% in 2012.
The IIF had earlier estimated the UAE’s gross domestic product (GDP) to grow by 3.9% this year, but has now revised the figure to a very healthy 4.7% on the back of higher government infrastructure spending and robust growth in key sectors.
This is good news for Filipinos working in the Emirates and their families as higher growth traditionally translates to enhanced job security and greater employment opportunities.
“Our hotel has been full of guests this year, and I have generally received much more in tips this year so far than what I did in the whole of last year,” said Marie, an employee in a Dubai hotel. “Our hotel is looking for fresh employees to keep up with demand, and this gives me more confidence about my own job security,” she added.
The IIF’s assessment coincides with the result of the quarterly consumer confidence survey of the Department of Economic Development released this week, which reveals that 83% of Dubai residents believe that the current job prospects are good while 94% have similar view for the next 12 months.
Excluding the output linked to petroleum and natural gas, the country’s main exports, the UAE’s real GDP is forecast by the IIF to grow at 4.6% this year, accelerating from the actual rate of 4.1% last year.
In its updated projection for the country, the Washington-based IIF said that growth will be driven by increased government capital spending in Abu Dhabi and continued robust growth in trade, tourism, and transportation in Abu Dhabi and Dubai.
