More confirmations of woe

From today's Gulf News.

Of the UAE-based expatriates surveyed by GulfTalent.com, 41 per cent reported making no savings on their income, the highest figure in the Gulf. And nine per cent of UAE-based expats reported that their salaries did not even cover their living costs, forcing them to borrow or live off their existing savings.

For employers the trend translates into difficulty recruiting and retaining staff, which has already had serious implications for the region's economy.

And if your employer didn't consider you for a raise in the last 18 months, you have a serious problem as your earnings have depreciated in the range of 23 to 31 per cent, depending on the currency in which you are saving and spending your money.

And after five years?
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My thanks to a reader who used the comments tool to advise me of the AdAir story mentioned in the previous post, who responded to my rant last week about the currency conundrum.