Local businesses hope for help in upcoming Budget, as rising manpower costs pose challenges to growth
According to the SBF National Business Survey 2023/2024, only 25% of respondents are confident in Singapore's economic improvement, down from 41% in the previous year. The top challenge for businesses is rising manpower costs, prompting companies to adopt technology for productivity gains. The upcoming Budget 2024 is hoped to provide support for environmental, social, and corporate governance (ESG) transformation, Artificial Intelligence (AI) technology adoption, and risk mitigation in overseas expansion. The construction, logistics, and financial sectors express confidence, while the survey highlights concerns about credit crunch and suggests a cautious approach to overseas expansion amid financial challenges.
