Navigating the Economic Slowdown in Singapore
An IndSights Research report summary
Analyst(s): Tricia Fernandez, Khoo Chee Peng
Doing business is challenging in an economic slowdown. IndSights Research conducted a Business Sentiment survey to take a deeper look into the sentiments of companies. In this study, we look at how companies are coping with the economic slowdown, what is the financial outlook as perceived by companies, and some steps businesses are taking in the near future.
The outlook for the coming year was generally positive. Regarding Singapore’s economy, we saw that more than half of the companies polled felt that the economy would remain the same or improve in a year’s time. More than 3/4 of the senior management polled thought that their company’s financial position would either remain the same or be better in a year’s time.
Businesses must evolve to remain competitive and move ahead. Strategies that companies are looking to adopt may include expanding business offerings, more strategic price points, investments in technology or research and development, or looking at the company’s manpower planning strategies.
“Singapore companies are considering expanding their business offerings as well as providing more competitive pricings, as key moves in their current market environment”.
Employees will also be assured that the economic slowdown has not affected the importance given to training – more than 2/3 of business leaders shared that they intend to maintain or increase their training budgets in the next year.
About the Study
The study was conducted in the period of August to October 2019 where 403 business leaders from the Information and Communications Technology (ICT) industry were polled. Participants of the poll will receive a more detailed report. If you are interested in our future studies, click here to register. If you would also like to read our articles on various new technologies, add us on LinkedIn.