GCC 'to become economic power by 2020'
Dubai, November 20, 2011
As buoyant growth shifts towards emerging markets, the GCC region looks set to emerge as the new economic power by 2020, according to Steve Hamilton-Clark, CEO of leading custom consumer research house, TNS Mena.
“The GCC will see continuous development and show above-average growth at 3.9 per cent in 2012, compared to flat lining scenarios in the US and, perhaps worse in Europe,” said Hamilton-Clark, adding TNS Mena’s recent move to new, modern open space offices was designed to support this growth trend.
Hamilton-Clark pointed out that a key growth indicator was that the Middle East’s internet and digital market had grown by 1,800 per cent in the last ten years.
“Internet penetration in the region is showing one of highest in the world today,” he said. TNS recently concluded the second TNS Global Digital Life research series and is set to present exclusive insights of the market at this month’s TNS Executive Forum.
He said the BRICS nations - Brazil, Russia, India, China and now South Africa - will also feature in the region’s economic buoyancy.
“With the rise of BRICS, the global economy has already seen significant shifts in its balance. It is now the turn of the region. The Gulf states have been fast to forge alliances with the BRICS markets by increasing bi-lateral trade and investment, at the same time seeking to build stronger links with other new and emerging economies, including China, mapping a modern-day Silk Route.”
He observed that as US and European economies respond to the economic downturn with flat-line activity, many companies were looking to enter the Mena region to leverage its growth opportunities.
'We are already meeting the influx of new market entry requiring specific data and insights into the region,' said Hamilton-Clark.
'TNS covers the whole Mena region and our consumer connection expertise enables clients to make informed decisions in leading sectors including FMCG, Technology, Finance, Media, Healthcare and Automotive,' he noted.
TNS recently reinforced its regional presence by moving to a 2,300 sq m office in the heart of Dubai to further ensure capabilities to address this increasing demand and changing client needs across all sectors.-TradeArabia News Service