Wednesday, January 13, 2016

54% of companies in Singapore 'adversely affected' by economic climate: SBF survey

Over half of businesses in Singapore reckon they are "adversely affected" by the current economic climate, the National Business Survey released by the Singapore Business Federation on Tuesday shows.

About 54% of respondents feel this way, up sharply from 35% from last year's survey. Firms in the education, oil and gas and logistics and transportation sectors have been worst-hit.

Some 17% of those polled say they expect losses in 2016, up from 10% in the previous year's survey.

Ony 4% of businesses are "very optimistic" about Singapore's economic growth for the year.

The poll of more than 1,000 SBF members, was conducted by DP Information Group in 4Q2015. About 79% of respondents were small and medium-sized enterprises, while the rest were large firms. About three-fifths of those polled have fewer than 50 staff.

Among the main challenges that businesses foresee in the next six to 12 months include high manpower cost (70% of all respondents), an uncertain economic environment (58%) and a slow growth in sales (55%).

Companies are also finding it tougher to obtain bank financing - 56%  of firms surveyed say bank loans are becoming more expensive, up from 47% in last year's poll.

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