It appears Singaporean SMEs worry about different things than the rest of the world does.
A survey commissioned by Bibby Financial Services Group found that Singaporeans are most worried about the global economy, the political situation in the United States, slowing growth in China and decline in international trade,
The Straits Times reported.
The global numbers however point to worries about Brexit, wars, conflicts and terrorism.
Seventy-nine percent of Singaporean SME executives had concerns about the global economy, the survey found. Worldwide, the average was 65 percent.
Those worried about US politics comprised 31 percent of the total, while those anxious about China and international trade were 19 percent and 15 percent, respectively.
Compared to the rest of the world, Singaporeans also tended to be glum: 19 percent thought the economy was doing badly; 35 percent said it was doing well. Elsewhere, 15 percent of respondents thought their domestic economies were not faring well while 54 percent said they were.
And perhaps Singaporean SMEs have basis to be gloomy: just 29 percent reported growth last year while 39 percent posted a decline. Worldwide, 49 percent of SMEs grew while 22 percent declined.
Still, Singaporeans’ pessimism may be for the here-and-now:
- Forty percent believed the Singapore economy would grow in the next 12 months.
- Forty-three percent felt positive sales growth was forthcoming.
- Twenty-two per cent cited possible new market segments, including abroad, as a growth opportunity.
Singapore SMEs are "generally confident of the local economy and friendly government policies available," said Mr Alan Wong, managing director of Bibby Financial Services Group's Singapore branch.
“There are signs that the challenges in the economy are related to challenges in local demand. Exports continue to be a strong area for the economy,” he said.
“It is not surprising that the government is pushing SMEs to internationalise."
The phone survey was done in June and July with 150 SMEs in Singapore and businesses with fewer than 250 employees in 10 other countries. In all, more than 1,600 firms in sectors such as manufacturing, wholesale and retail trade, construction and transport were interviewed.
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