An Interview with Chizulum Ifezulike

What drew you towards doing a degree in business and economics?
I initially applied to do a degree in Business Enterprise and Accounting. In my final year of secondary school, I had the option to do AS-level Economics. I have never studied economics before, however after taking AS-level Economics, I found the course to be so enjoyable! While doing it I had already applied to do Business Enterprise and Accounting at university so that was the course I initially started with, but luckily, I did economics in my first year of university as an elective subject anyway. I quickly found that I didn’t particularly enjoy accounting in my first year. However, I found that economics was considerably more enjoyable and so I dropped accounting for my second year and took up Business Enterprise and Economics. I have loved Economics and have developed a huge passion for the subject.

Are there any particular modules that you’ve done and really enjoyed?
I have really enjoyed the Behavioural Economics module. I found the topic to be so interesting because it teaches you about how people behave in the economy and how we can use economics to explain various things such as why people procrastinate to why people make irrational decisions. It has many policy implications for the wider economy. We learned that sometimes, members of society may act based on their beliefs of how other people will behave. Take climate change as an example: if I believe that you are going to pick up your litter then I am more likely to cooperate and pick up my own litter, on the other hand, if I don’t believe that you are going to pick up your litter then I may see no point in picking up mine. The ways in which people’s actions interconnect have so many wider implications across different areas of economics and I think that learning about principles of behavioural economics has allowed me to learn more about myself and why I behave the way that I do.

Could you tell us more about the Outstanding Student Award that you won?
The Outstanding Student award was presented to me at the Black Scottish Awards in 2023. I think that several things contributed to me winning this award: I have won the Department of Economics Prize at university for being the best-performing student in economics for two years in a row. I also mentored a lot of younger students in their academic/internship pursuits. What I believe helped me to get the best grades in economics was making sure I was asking as many questions as possible. I am someone who will ask and ask and ask! Lots of the econometrics parts of my course required significant skills in coding which I struggled with quite a lot. However, I asked so many questions and tried to meet as many tutors as possible who could help me understand deeper. Asking questions is my biggest tip to anyone reading this; there will always be people who are willing to help you and offer you advice. You realise that if you don’t take the chances of asking, you’ll miss so many opportunities.

Another thing which I believe contributed to my success with this award was entering into competitions. I entered the Adam Smith National Student Book Cover competition in which I had to redesign the front cover of Adam Smith’s Wealth of Nations to be fit for the 21st century. I really enjoyed the process and was delighted to have won first place. By taking part in competitions you can add to your credibility as a student and build recognition amongst many different people in the economics community.

Tell us about how you redesigned the cover of Wealth of Nations!
In my design, I aimed to capture key concepts that reflect the relevance of Adam Smith's ideas today:
• Two sets of hands symbolise collaboration and diversity.🙌🏽
• The hands hold soil with a stack of coins, representing global collaboration and sustainable practices. 🪙
• The design highlights the environmental impact of globalisation with factories emitting smoke and emphasised the importance of promoting sustainability in global trade and industry.🌍
• A small tree growing from the soil signifies investing in sustainability and preserving natural resources. 🌳
• Overall, the design combines Smith's concepts of a market economy, division of labour, and sustainable growth.

This was the cover I designed;

The awards ceremony for the Outstanding Student Award was sponsored by Morgan Stanley and you’ve undertaken a summer work placement with the company as well. Is working in finance something you’d like to do in the future?

Morgan Stanley is an amazing firm and I have been very fortunate to have the opportunity to work there within the operations department. Having also done work experience in economics consultancies, I realised that I prefer a work environment where I can apply more of the economics that I have learned throughout my degree. During my Morgan Stanley internship, I was in a division called ‘operations’ which involved some very interesting things including process mapping and asset services. While I am not currently considering a career in financial services or investment banking, I would very much like to work in an economics-based career such as economic consulting.

Could you tell us more about economic consultancy?
I did work experience with Frontier Economics, which is an economics consultancy firm. In general, economic consultancy could involve some economic modelling, right from the basics of supply and demand curves, to advise clients on various issues such as how they should price their products, how they should respond to competitor actions, and so much more. There are takeaways to be had from behavioural economics as well: an economic consultant might advise the government on how to incentivise more people to take actionon climate change or help clients solve cases with competition authorities.

Could you tell us more about your dissertation which you recently submitted?
I wrote my dissertation on investigating the impact of the 2010 Equality Act on the educational outcomes of students with disabilities in the UK. The Equality Act came out with one of the aims of making education more inclusive for people with disabilities entering university and participating longer in their education. It was designed to lowerbarriers that would prevent disabled people from thriving in an educational setting. In my dissertation I investigated whether the Equality Act had a positive impact on educational outcomes I.e. did it increase the likelihood of disabled students attaining a degree and did it increase their years of schooling – I found through econometrics coding that disabled individuals are 41% more likely to attain a degree after the policy!

You’re involved in the Women in Economics mentoring program - tell us more!
This is a really good program and I would encourage all students going into university to sign up. You are given a mentor who is working in the economics field and can have regular meetings with them to ask them for advice and hear about their experiences. If you need help with internships, or applications, or even want someone to check over an essay, your mentor will be there for you. I think it is so valuable in helping women in economics achieve their full potential. I would advise everyone to seek out mentors and build their network to increase the number of people that you can turn to when you need help or advice.

Tell us about the business you run and how you created it.
Gospel Galore is a beauty brand that I have founded! When I was growing up, I wore make-up all the time and I quickly realised that there was a lack of beauty brands catering to the emotional and spiritual needs of beauty consumers. Gospel Galore was born to provide beauty products which have Christian-inspired messages and scriptures on them, aiming to empower all women through their beauty routine and everyday lives. It has been so great and Gospel Galore has been featured in the Power List Magazine 23/24 (and I also have a business mentor to help me grow the business!). As much as I love my degree, I also have a huge passion for entrepreneurship.

Tell us about an inspiration of yours.
I would have to say Nkechi Deborah Adeboye. She is a mentor in my life who has helped me with my academic and internship pursuits. Having done economics herself and recently graduated with a master’s from LSE, she has always been there to help with my applications and offer me advice. She has been amazing, and I wouldn’t be where I am today without her.

From The Team

UAE Economy Booming: IMF Projects 4% Growth in 2024

The International Monetary Fund (IMF)* has delivered positive news for the United Arab Emirates, forecasting a robust 4% growth in real Gross Domestic Product (GDP)* for 2024. This optimistic outlook is fuelled by a combination of factors, including a strong performance across various sectors and high oil prices.

The IMF highlights a broad-based economic expansion in the UAE, with tourism, construction, manufacturing, and financial services all experiencing significant activity. This positive momentum is further strengthened by a surge in foreign demand for real estate, driven by growing bilateral relations and the country's reputation as a safe haven. 

The recent easing of OPEC+ output cuts is expected to provide an additional boost to the UAE's oil productiom this year.  Furthermore, the country's swift response to recent flooding episodes demonstrates its resilience in the face of unforeseen challenges.

Beyond growth, the IMF also expects the UAE to maintain healthy fiscal and external surpluses due to high oil prices. The general government surplus is projected to reach around 5% of GDP in 2024, with public debt declining further to 30% of GDP. This positive fiscal position allows the government to invest in essential infrastructure while also introducing new revenue streams like the corporate income tax, which will become fully operational in the coming years. The current account surplus is also expected to reach a strong 10% of GDP this year.

The IMF's review of the UAE's banking sector reveals a robust system with ample capital and liquidity buffers. Asset quality has improved, and credit growth remains resilient despite higher interest rates. While the central bank intends to restore reserve requirements to pre-pandemic levels, a focus on risk management remains crucial as the financial system and payment landscape continue their digital transformation. The burgeoning virtual asset industry also requires careful consideration to ensure minimal risk to macroeconomic and financial stability.

Looking ahead, the IMF emphasizes the importance of continued structural reforms to maintain long-term fiscal prudence and economic sustainability. The gradual implementation of the corporate income tax will further diversify the UAE's revenue base.

The UAE's ambitious reform agenda, coupled with strong governance frameworks, holds promise for fostering private sector development, investment in technology sectors and promoting green growth. Key drivers of future growth include ongoing efforts to advance Comprehensive Economic Partnership Agreements (CEPAs), attract foreign direct investment (FDI) and talent, implementation of strategies related to artificial intelligence (AI), the digital economy, and environmental sustainability.  Finally, continued progress in the Emiratization program promises to narrow the gender gap and modernise social safety nets, further solidifying the UAE's position as a regional economic powerhouse.

*GDP: the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time.

*IMF: The International Monetary Fund: supports economic policies to promote financial stability and monetary cooperation, achieving sustainable growth and prosperity for 190 member countries.

Learn More:

https://www.reuters.com/world/middle-east/imf-says-uae-overall-real-gdp-projected-grow-4-2024-2024-05-20/#:~:text=DUBAI%2C%20May%2020%20(Reuters),year%2C%20higher%20than%20earlier%20estimates.

https://gulfnews.com/business/banking/imf-expects-uae-economy-to-grow-by-4-in-2024-1.102726623

Thanks for reading! See you in the next issue - Erin McGurk