SINGAPORE, 22 April 2019 (Bernama) – Small businesses in Singapore grew less strongly than their counterparts in Southeast Asia, despite growing at their strongest pace in three years in 2018 and outperforming other developed economies like Australia, Hong Kong, New Zealand and Taiwan, according to a new survey released on 10 April 2019.
Singapore business owners are also reporting an optimistic outlook on growth this year. According to CPA Australia’s 10th annual Asia-Pacific Small Business Survey, 58.7% of small businesses in Singapore grew from 2017 to 2018, the best result since 2015. This is much lower than the growth rates of 65.5% and 86.6% of small businesses in Malaysia and Indonesia respectively.
The survey gathered data from over 3000 small business operators in Malaysia, Vietnam, Indonesia, Hong Kong, Singapore, Australia, the Philippines, Taiwan, New Zealand and Mainland China. Looking into 2019, despite challenging global economic conditions, 60.7% of small businesses are expecting to grow this year; the best result for Singapore since 2013.