New
Decreasing the Pace of Economic Growth in the UAE Must Not Diminish Optimism
Norman Logistics Sp.zo.o. has released a new forecast of UAE economy. Analysing the indicators of the last 20 months, we can conclude that since August non-oil economy growth has slowed down. The seasonally adjusted purchasing managers' index - a composite indicator designed to give an overview of operating conditions in the non-oil private sector economy - dropped to 55 in August, from 55,8 in July[1]. Despite slower growth, optimism among businesses in the UAE's non-oil private sector accelerated to a record high. Optimism is encouraged by the reluctance of many companies to launch new products, implement innovative marketing efforts, and opportunities to participate in Expo 2020[2]. In general, the reduction was wee, and the fact that a large part of the companies has abandoned the reduction of the workforce, which, on the one hand, would help to save, is right, as companies have not lost their effectiveness. Most companies have acted exactly the opposite - they stimulated stagnant economic growth with new products, accordingly obtaining new orders as well, Rolands Petersons, member of the board of Norman Logistics Sp.zo.o. offers his thoughts on UAE economy.
Another point to be emphasized is that non-oil business operators in the UAE have shown that sometimes exactly the opposite action of the usual behaviour can improve the situation. In the area of pricing policy, most private non-oil companies in the UAE, instead of raising pressure on prices, announced constant prices, furthermore, some companies reported about price reduction, which was related to advertising activities.
The rate of growth was marked overall and reflected stronger inflows of new business from neighbouring GCC countries, besides new export orders rose once again during August and September.
Norman Logistics Sp.zo.o. is an international logistics company based in Poland since 2016. This company operates in Europe and also in many other major logistics centres in the world. The core business is a cargo brokerage, mainly marine cargo. Norman Logistics customers is significant EU companies which his production transport throughout marine cargo. And service providers are medium or large shipping companies. The mission of Norman Logistics is convenient logistics and one-point service for the same price, individual and best quality approach.
Author: Rolands Petersons, member of the board of Norman Logistics Sp.zo.o.
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