Maximising local opportunities amidst global uncertainty

Maximising local opportunities amidst global uncertainty

We might not want to hear it, but there’s a global recession gathering pace in 2023. According to the International Monetary Fund (IMF), one-third of the global economy will feel the pinch of rising prices and higher interest rates. Covid-19 and the war in Ukraine are key drivers behind this period of economic uncertainty, and the longer they continue the more negative impact they will have on the cost of living across the world.

The United Arab Emirates and Saudi Arabia are expected to be largely sheltered from the worst of a global recession. This is thanks in part to the swift responses from each country’s governments, the demand for, and rising costs of oil and a robust tourism sector. The adaptability that the UAE and Saudi have shown is an example that SMEs can follow to ensure their futures are safe. However, it’s still wise to expect headwinds, reassessing how best to grow during these troubling times.