Great Salary Forecasts For the Middle East Going Into 2017
The expatriate lifestyle caters to the ambitious and adventurous. After all, it takes a certain type of personality to uproot and move abroad in the quest for greater opportunities and personal bliss. However, like any other important life choice, a move abroad doesn’t come without many careful considerations. One of these considerations will no doubt involve whether it makes financial sense to find employment abroad. Fortunately for those considering to relocate to the Middle East, prospects are high when it comes to monetary compensation.
Salaries throughout the Middle East are projected to grow by an average of 4.6% in 2017, according to Willis Towers Watson’s latest Salary Budget Planning Study. This study provides salary increase budget information for a large selection of economies globally, as well as projected inflationary and country Gross Domestic Product movements for the same period of time.
Lebanon is anticipated to see the most significant increase in pay growth , at a rate of 5.4% . The next highest increases are forecasted for the Kingdom of Saudi Arabia and Kuwait, each at 5%; Qatar follows close behind with a calculated growth of 4.8%.
Salaries in the United Arab Emirates are expected to increase by 4.6% in 2017, according to the Salary Budget Planning Study. This is not fool’s gold either, as the study also indicates that the inflation rate in the UAE has been consistent at 4% in recent years. This salary increase is also impressive considering that there has been an increase in the salaries for employees across all industry sectors- not simply a few significant outliers which are not viable employment sectors for many to-be expatriates.
To put into context, the study has projected a real-pay increase of only 1.8% in Latin America.North America has some of the lowest projected increases ,at an average of 1.6%.
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