Sixty-four percent of expats in the Middle East are considering leaving their country of residence due to the global financial crisis, according to a survey published on Sunday, further hampering the region’s economic recovery.
The survey by Dubai-based jobs website Bayt.com found 28 percent of 22,708 respondents said they may have no choice but to go home, while 15 percent said they would prefer to move back home.
Twenty-one percent said they are considering moving to another country rather than returning home.
The financial crisis has seen economic growth in the Middle East stall and thousands of jobs lost as companies cut costs. Due to the huge number of expatriates working in the region, especially in Gulf states such as the UAE and Kuwait, the job losses have led to large numbers of expats returning home.
Analysts have warned the large exodus of expatriate workers will cause populations to decline, adding to the economic woes.
The survey also found 69 percent of expats said they are saving more money, of which 37 percent said they were saving considerably more, while just over a quarter of respondents said they will reduce their daily spending habits.
The financial crisis has hammered consumer confidence in the region, with several recent consumer confidence indices showing record falls on continuing bad news about economies and concern over how long the crisis will continue.
A quarter of respondents to the survey said they think the economic turmoil will continue for other three years, while 42 percent said they expect the situation to improve in up to 12 months.