Firms in Singapore report worst performance since 2008
Enterprises in Singapore recorded their worst performance in the first quarter of 2020 since the global financial crisis of 2008 as the COVID-19 pandemic pushed the economy to stagnation, a recent business climate survey showed.
A restaurant that sells only takeaways in Singapore amid the COVID-19 pandemic (Photo: AFP/VNA)
Singapore (VNA) – Enterprises in Singapore recorded theirworst performance in the first quarter of 2020 since the global financialcrisis of 2008 as the COVID-19 pandemic pushed the economy to stagnation, arecent business climate survey showed.
The poll of 151 firms, conducted by theSingapore University of Social Sciences and the Business Times, revealed that theirrevenue, profit, orders and new business activities fell sharply.
Up to 84 percent of the respondents believedthat their business performance would worsen in the next six months, comparedto 76 percent in Q4 of 2019. This is also the highest rate since the firstsurvey conducted in 1996.
According to economist Tan Khay Boon at SIMGlobal Education, the pandemic’s short-term impact will be considerabledeclines in output and investment sources and an unemployment surge. In themedium term, businesses will face more pressure to cut expenses, improveoperational efficiency and seek new clients.
Experts Chow Kit Boey and Chan Cheong Chiamforecast the Singaporean economy may contract 4.3-5 percent in Q2 compared tothe same period last year.
Chow said if the country has to continue strictrestrictions after June 1, its economy will shrink by 7 percent in Q2, thestrongest contraction since the global financial crisis.
However, Chua Hak Bin, a senior economist atMaybank Kim Eng, said such a projection is too optimistic since the survey wasconducted from March 13 to April 15, before lockdown measures were extendedthrough May. He forecast Singapore’s economy could shrink 15-20 percent in Q2.
The survey also indicated that major enterpriseswere more pessimistic than small firms, which Chua said may come from the factthat the Singaporean Government’s financial aid packages mainly target small-and medium-sized companies and labourers./.
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A restaurant that sells only takeaways in Singapore amid the COVID-19 pandemic (Photo: AFP/VNA) 
