The survey involved 1,056 companies, of which 82% were small and medium-sized enterprises (SMEs) and 18% were large companies, and was conducted from Sept 14 to Nov 12, 2023.
Three-quarters of businesses in Singapore don’t feel confident that the economy will improve in the next 12 months, compared to the 41% who felt confident a year before.
This weakening business sentiment was unveiled at the Singapore Business Federation’s (SBF) national business survey of 2023/2024, which laid out economic uncertainties, tightening credit, cost increases and manpower challenges as the environment for the new year.
