According to the survey, 40% of businesses are satisfied with the current business climate, marking a 10 percentage point (ppts) increase from mid-2024. Notably, 26% of businesses expecting economic improvement outnumber those anticipating a downturn at 22% over the next 12 months. This shift indicates a growing confidence among businesses despite ongoing challenges.
The Singapore Business Federation’s (SBF) 2024 National Business Survey (NBS) has revealed a more optimistic outlook for the local economy.
Conducted between Oct 11 and Nov 11, 2024, the survey gathered responses from 519 businesses across key industries, of which 83% were small- and medium-sized enterprises (SMEs) while the remaining 17% were large companies. SBF notes that these sentiment insights are expected to shape the Singapore Budget 2025 recommendations, aimed at fostering globally competitive and sustainable businesses.
