Poll shows two-thirds of residents believe economic recovery is at least two years away

Two-thirds of people living in the UAE have said they believe it will take at least two years for the economic situation to improve.

Figures released by market research group YouGovSiraj reveal that 67% of those questioned said it will take 24 months or more for improvements to be felt.

The company has just launched a new monthly research project, said to have been designed to help companies survive the downturn.

Half of the 725 people questioned said they are worried about losing their jobs while one-third said close friends or family have already been made redundant in the past three months.

The report, called “Reality Check - UAE” also found that consumers are steering clear of taking on more loans to pay off debts. They were also eating out less often, delaying large purchases and switching to cheaper brands.