According to the OCBC SME Business Outlook Poll, about 43% of the roughly 800 SME business owners polled in 1Q2026 say business conditions have largely remained the same as compared to the previous quarter. However, 22% of respondents say they expect business conditions to deteriorate in the next six months. This represents a 7-percentage point increase from 4Q2025. The poll’s findings were published in a wider report on the OCBC SME Index on April 22.
The OCBC SME Index inched up to 51.6 in 1Q2026, up from 50.8 in 4Q2025, amid the ongoing geopolitical tensions in the Middle East. This is the fourth consecutive quarter the OCBC SME Index has stayed above 50 and remained in expansionary territory.
“While the OCBC SME Index stayed expansionary in the first quarter, the [OCBC SME] Business Outlook Poll showed that business owners’ sentiments have softened as geopolitical tensions in the Middle East have driven up energy, freight and operating costs,” says Elaine Heng, OCBC’s head of global commercial banking.
