National Business Survey 2019/20 Summary Report for Singapore Business Foundation

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NATIONAL BUSINESS SURVEY 2019/2020

New Roads Ahead: Transformation and Internationalisation of Singapore Businesses Drew responses from more than

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.

13%

87%

1,018

Large Companies

SMEs

companies across all key industries

1 Business Sentiments Current business sentiments uncertain as challenges loom on the horizon

SINGAPORE ECONOMY IN THE NEXT 12 MONTHS

46% 44%

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.

GLOBAL

BUSINESS CLIMATE

16%

38%

49% 2018

8%

n=705

2019 BETTER

n=1018

WORSE

SAME

Decimal points have been rounded up. The total may not add up to 100%.

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. Increase in other business costs (e.g. rental, raw materials, etc.) 64%

26%

11%

Rising wages 57% 18%

56%

50% 25%

14%

36%

34%

11%

Escalating US-China trade tensions 46%

48%

6%

China’s economic slowdown

BETTER

WORSE

SAME

42%

54%

4%

Reduction of Services Sector Dependency Ratio Ceiling 36%

ASEAN

55% 54%

22%

n=705

Pace of change in digital space and e-commerce

17%

BETTER

2018

7%

Businesses are optimistic about getting positive returns from digital/e-commerce transformation, and foresee sustainability as a new growth opportunity.

BUSINESS CLIMATE

28%

57%

SAME

2019

n=1018

23%

WORSE

Decimal points have been rounded up. The total may not add up to 100%.

11%

63%

27%

Growing focus on climate change and environmental sustainability 10%

Negative Impact

76%

Little/No Impact

15%

Positive Impact

Decimal points have been rounded up. The total may not add up to 100%.

n=1018


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