People living in emerging countries are far more optimistic about the future than those in high-income nations, a survey reveals.
The Priority Report, released on Wednesday, polled 130,000 people aged 18 and above in 13 countries and found that respondents in Europe, the US and Japan felt things in their lives and around the world were mostly “on the wrong track”.
Respondents in emerging countries, including Mexico, Brazil and South Africa, shared similar views to those in high-income nations, while people in Saudi Arabia, China, and India said they felt things were “on the right track”. Opinions in Morocco were almost evenly split.
The survey, conducted by market research company Ipsos, was commissioned by the Future Investment Initiative Institute, a non-profit organisation run by Saudi Arabia's main sovereign wealth fund.
It noted a direct correlation between respondents' optimism about their country's future and their nation's GDP growth between 2016 -2021.
Respondents in countries including Saudi Arabia, China and India, which all recorded increases in annual GDP, were more optimistic about the future.
About 91 per cent of respondents in China said things in their country were generally on the right track. The response comes as China's economy continues to grow ― albeit at the slowest pace since the Covid-19 pandemic.
At least 80 per cent in Saudi Arabia said they felt things were on the right track in their country. According to the International Monetary Fund, Saudi Arabia's economy is likely to grow at the quickest pace in a decade and will probably be one of the world’s fastest-growing economies this year.
Rising cost of living is among the greatest concerns
The biggest concern across the 13 countries surveyed was the increase in the cost of living.
Forty-eight per cent of respondents said the price of food products was their biggest financial concern, followed by rising rates of inflation.
“Cost of living, energy bills spiralling out of control, everything going up in price,” said a female UK resident polled.
The price of food was also cited as people's greatest concern in Saudi Arabia and China, countries that have been projected to be among the fastest-growing economies in the near future.
Men and women equally said that living costs were their biggest worry, indicating that both genders shared the burden of costs around the globe.
However, 84 per cent of respondents said they felt satisfied with their ability to obtain enough food ― in high-income and emerging economies, indicating that the financial situation is not as dire as one might have thought.
Climate change and pollution a high priority among emerging nations
For most developed, or high-income, countries, issues such as the rising cost of living and increased social inequality are of almost equal concern to climate change.
Developing countries, meanwhile, which are disproportionately affected by climate change, are most concerned about the environmental crisis.
Almost half of respondents in India, 47 per cent, said issues surrounding climate change, pollution and loss of biodiversity are the highest priority for future generations and the planet.
India is one of the nations most affected by climate change, with monsoon rains wreaking havoc in parts of the country this year.
In July, experts said the exceptionally heavy rainfall, which led to flooding and landslides that killed at least 500 people and displaced thousands in regions across India during this year's monsoon season (July to September) was symptomatic of climate change and global warming.
More than half of respondents in China, 58 per cent, said climate change was the most important issue future generations would have to contend with.
This summer, China suffered the most severe heatwave yet recorded in the country, affecting energy, water supplies and production across the country. Temperatures as high as 45ºC were recorded in Sichuan province ― the highest yet seen outside the predominantly desert region of Xinjiang.
China is the second largest emitter of carbon dioxide gas in the world, after the US.
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Company%20profile
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The biog
From: Ras Al Khaimah
Age: 50
Profession: Electronic engineer, worked with Etisalat for the past 20 years
Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'
Favourite quote: 'Life is so simple, enjoy it'
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Asian Cup 2019
Quarter-final
UAE v Australia, Friday, 8pm, Hazza bin Zayed Stadium, Al Ain
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer
7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby
7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass
8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
UAE%20set%20for%20Scotland%20series
%3Cp%3EThe%20UAE%20will%20host%20Scotland%20for%20a%20three-match%20T20I%20series%20at%20the%20Dubai%20International%20Stadium%20next%20month.%3Cbr%3EThe%20two%20sides%20will%20start%20their%20Cricket%20World%20Cup%20League%202%20campaigns%20with%20a%20tri-series%20also%20involving%20Canada%2C%20starting%20on%20January%2029.%3Cbr%3EThat%20series%20will%20be%20followed%20by%20a%20bilateral%20T20%20series%20on%20March%2011%2C%2013%20and%2014.%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
