Singapore’s SMEs pessimistic about business prospects
The confidence in business activities of small- and medium-sized enterprises (SMEs) operating in Singapore for the remaining months of 2020 falls to the lowest level since 2009, as the COVID-19 pandemic has constrained global growth and slowed economic activities around the world.
Financial district of Singapore (Source: VNA)
According to the SBF-Experian SME Index for 4Q20 – 1Q21F recently announced by the Singapore Business Federation (SBF) and Experian company, the SME Index registered an overall reading of 46.3, the lowest since the inception of the index in 2009.
The SBF said that uncertainties stemming from the pandemic and restrictions put in place to slow the spread of the coronavirus have dampened the overall outlook of Singapore’s SMEs for the following months.
The construction and engineering sector registered the most significant decrease in sentiment (down 6.1 percent), likely attributed to extended dormitory quarantines and additional costs incurred from prolonging project timelines.
The country’s GDP reduced by 13.2 percent year-on-year in the second quarter of this year./.
VNA
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