These findings summarise the National Business Survey 2019/2020 conducted by the Singapore Business Federation (SBF). Into its 12th edition, this annual survey was carried out from 26 August to 25 October 2019.
Current business sentiments uncertain as challenges loom on the horizon
Sentiments towards the Singapore economy continue to decline, with almost half of all businesses anticipating 2020 to be a more challenging year than 2019.
Dissatisfaction with the global business climate has risen by 11% from 2018 to 2019. More local businesses are optimistic about the business climate in the ASEAN region, but as in 2018, most remain neutral.
Implications of events on businesses
Rising business and wage costs are top worries for Singapore companies. Globally, US-China trade tensions and China’s economic slowdown are adding to business unease.
Businesses are optimistic about getting positive returns from digital/e-commerce transformation, and foresee sustainability as a new growth opportunity.
An overwhelming majority of Singapore businesses believe transformation is
critical to stay relevant in today’s environment.