Singapore SMEs some of world’s gloomiest

SINGAPORE’S small and medium-sized enterprises are some of the gloomiest in the world, according to a new poll.

It found that 79 percent of senior executives at SMEs here “have concerns about the global economy”, compared with a worldwide average of 65 percent. At the top of their concerns was the political situation in the US, which is worrying 31 percent here – a sentiment in line with that of SMEs around the world.

But in a sign of Singapore’s global exposure, 19 percent cited slowing growth in China as a worry and another 15 percent fretted over a decline in international trade.

This was in contrast with worldwide sentiment, which pegged the “Brexit” departure from the European Union, as well as wars, conflicts and terrorism, as key fears.

The outlook comes from a survey of management at 150 SMEs here in June and July, as well as businesses with fewer than 250 employees in another 10 countries and territories. In all, more than 1,600 firms in sectors such as manufacturing, wholesale and retail trade, construction and transport were interviewed via phone in a survey commissioned by global financial services firm Bibby Financial Services Group.

Singaporean firms tended to despair more than their counterparts: 19 percent thought the Singapore economy was faring badly and only 34 percent would say that it was doing well.

But even in spite of the higherthan-average pessimism, all was not doom and gloom, as 40 percent of SMEs polled said that they thought the Singapore economy would grow in the next 12 months and 43 percent felt positive sales growth was on the cards.