UAE Business: 9 in 10 believe inflation crimped household spending – Gulf Digital News

UAE Business: 9 in 10 believe inflation crimped household spending – Gulf Digital News

About 89% of respondents in a survey believe that inflation, which has been exacerbated by the Russo-Ukrainian War, has taken its toll on their household spending.

While people across the world remain focused on the devastation, casualties, and the affliction brought on by Russia’s invasion of Ukraine, another cause for concern has emerged in the form of financial repercussions.

These are nullifying the post-pandemic optimism that promised a less volatile and more prosperous 2022.

These are the findings of the Continental Group, a leading insurance intermediary and financial services provider in the GCC region, which recently hosted a webinar titled ‘Navigating the Current Geopolitical Climate’, fuelling discussions on the ongoing and its cascading effects on global financial systems.

Andrew Hardy, Director of Investment Management, Momentum UK; David Itzkovits, CEO of Sanlam Global Investment Solutions; Tejas Sheth, CO- Fund Manager & Equity Research Lead NAM India ; and Neelam Verma, Vice President & Head of Investments at The Continental Group, were the key speakers at the webinar, which was hosted by Anselm Mendes, Executive Director of Sales, The Continental Group.

Financial impact of war

“We’re off to a choppy start,” said Hardy, adding “while Russia’s Ruble and its equity