Around 60% of job seekers in the Middle East believe that the oil price has a neutral to extremely negative impact on their current situation, according to Michael Page Middle East’s latest job market survey.
Crude oil prices have been volatile in recent years and average oil prices are now projected to be just below $60 per barrel in 2019 and 2020, according to the IMF’s latest World Economic Outlook (WEO), down from about $69 and $66 respectively since its last WEO.
Meanwhile, 64% of participants are positive about the current job market situation, and 80% of think that it will get better in the next six months, with 72% wanting to ideally live and work in the Middle East for more than five years.
The survey noted that 48% of participants are looking for a new job to get a better salary package, while 32% are looking for a better work-life balance, and 44% believe that their current role isn’t offering opportunities for further development.
Career prospects, salary, and standard of living are the top three reasons people are living and working in the Middle East.
Recruitment company, Michael Page, also revealed its job market survey for Saudi Arabia, which showed that limited scope of work and salaries in current roles are the top two reasons people are looking for a better job according to 47% of respondents in the Kingdom. Michael Page has worked on over 1400 Saudi-based jobs and noted that the bulk of hiring is taking place in financial services, infrastructure, entertainment, tourism, and healthcare.