Singapore’s economy is improving,
according to Seventy-two per cent of local companies who took part in a bi-annual
survey conducted in August and September by advisory services firm Ernst
&Young.
Local companies are bullish about growth
despite lingering risks in the global economy and geopolitical uncertainties in
the Middle East and Europe. They believe that Singapore's economy is improving,
a sharp climb from 31 per cent in the previous survey. The study gauges
business sentiment in the region and involved top-level decision-makers from
about 120 firms within Southeast Asia.
The survey also showed a growing
appetite for expansion among Singapore businesses. Twenty-eight per cent of
those polled expect to open up positions for hiring within a year - compared to
6 per cent which foresee a reduction in staff numbers. In addition, two-thirds
of the respondents said they intend to keep headcount constant.
Within Southeast Asia, the poll found 64
per cent of firms in the region plan to focus on growth over the coming year,
while 36 per cent intend to just survive or reduce costs.
Fifty-three per cent of those polled
also plan to actively pursue mergers and acquisitions within the next 12 months
as a strategy for growth, up from the 24 per cent in the previous poll.
Seventy-three per cent of respondents believe such deals will be worth under
$50 million.
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