Gulf: gauging recovery in the absence of economic data | beyondbrics

Sentiment is everything in the Gulf. Without reliable or regular economic data, it is a struggle to know which direction the wind is blowing.

The underdevelopment and lack of disclosure of public statistics explains in part why so few saw Dubai’s 2009 debt crisis coming. And now, as some Gulf economies appear to be pulling out of the economic crisis, there are still few concrete numbers to prove it. Many are relying on improved sentiment…on anecdotes here and there.

In oil-rich Abu Dhabi, where the economy was sent into a semi-paralysis as the government reviewed its lavish spending plans, the regular tone of moaning by expatriates has eased and the major cutting of expat fat seems to have slowed.
Gulf: gauging recovery in the absence of economic data | beyondbrics