WEF report: Cost-of-living catastrophe stands as the main da...| MENAFN.COM

Tuesday, 07 February 2023 10:56 GMT

WEF report: Cost-of-living catastrophe stands as the main danger to UAE companies


(MENAFN) The worldwide cost-of-living crisis shows the biggest danger to businesses in the UAE in the future two years, as shown by the World Economic Forum’s Global Risks Report of this year.

Maintained peak inflation and higher commodity cost surprises also endangered business health in the nation, indicated the report findings, which have been given a new study by US-based professional services company Marsh McLennan.

The report recognized the above-mentioned challenges as the main short-term critical dangers to business progress and financial expansion in the UAE.

Brad Simpson, Risk Management Leader MENA at Marsh McLennan, stated that “For the majority of UAE executives interviewed, the ‘new normal’ that followed the COVID-19 pandemic brings a lingering fear of economic collapse as a result of a convergence of inflationary, debt and supply chain risks.

Adding, "The Global Risks Report 2023 also clearly shows that the pandemic has deeply impacted short-term risk concerns related to asset bubbles and resource-related geopolitical instability. These factors – alongside cybersecurity fears and climate action failure, paint a picture of unease and uncertainty across the national economy."

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