BIZSpoke | SBF Survey: 28 November 2025 Hiring Freezes, Slower Wage Growth as Singapore Business Sentiment Weakens

28 NOVEMBER 2025

Business Confidence Continues to Slide with Cautious Outlook for 2026

Business confidence in Singapore is weakening. The latest SBF National Business Survey 2025 - Annual Business Sentiments Edition reveals that a growing number of businesses expect economic conditions to worsen over the next 12 months.

Many companies are freezing hiring, slowing wage growth, and postponing investments amid rising costs, cautious demand, and tighter external conditions. Firms are urging the government for stronger support ahead of Budget 2026, including cost-relief measures, financing options, workforce development initiatives, and cash-flow assistance.

The survey underscores the need for proactive policies to help Singapore businesses navigate an increasingly challenging economic environment and maintain resilience.

VIEW SURVEY REPORT

Tougher 2026 Ahead: SBF Highlights Rising Business Caution

In a CNA interview on Singapore Tonight, SBF Chief Policy & Operating Officer Musa Fazal highlighted weakening business confidence for 2026, even as US tariff concerns ease. He outlined the key factors behind this downturn and how companies are adapting. The SBF National Business Survey 2025 - Annual Business Sentiments Edition found only 4% of firms expect higher profitability — signalling a tougher landscape that requires sharper strategy and resilience.

VIEW VIDEO

WHAT'S NEW

Economic Strategy Review Charts Singapore’s Competitive Future

At the Economic Strategy Review (ESR) Engagement Session hosted by SBF, which brought together more than 50 business leaders, the ESR committees announced plans to deliver a mid-term update at next year’s Budget, with early funding for proposals as they mature. The review aims to bolster Singapore’s global competitiveness amid geopolitical shifts and rapid technological change.

Click here to hear more from Acting Minister for Transport and Co-chair of the Economic Strategy Review Committee on Global Competitiveness Jeffrey Siow.

READ ARTICLE

SCALED INTERNATIONALLY

Go Global Confidently with SBF

SBF helps Singapore businesses expand overseas by providing market-entry advisory, regulatory guidance, and partner-matching support to reduce the risks of internationalisation. SBF also runs overseas market workshops and offers deep insights into local laws, consumer behaviour, and operating conditions. In 2024 alone, SBF supported more than 1,900 Singapore companies in their globalisation efforts.

To learn how SBF can support your overseas expansion, contact [email protected]

READ ARTICLE

SBF Strengthens Singapore–Gulf Business Links with Launch of SEC@Dubai

SBF has launched the Singapore Enterprise Centre in Dubai (SEC@Dubai) to support Singapore businesses seeking opportunities in the Gulf region. Under the GlobalConnect@SBF initiative, SEC@Dubai offers market advisory, business matching, networking sessions, workshops, and sector-specific roundtables to facilitate expansion.

If you are interested to know more on the SEC or the region, contact [email protected]

READ ARTICLE

SMART-ENABLED

Complimentary Digital Health Check for Your Business

Completing a digital health check is a vital first step for your business to identify digital gaps, assess capabilities, and optimise your digitalisation efforts.

Through the Digital Health Check initiative offered by IMDA, businesses like yours can conduct a quick, five-minute self-assessment to evaluate your digital journey, covering areas such as technology use, data analytics, and productivity solutions.

CHECK NOW