The Asian Banker, 17 Feb 2009
A preponderance of small businesses in Singapore are expecting a contraction in the local economy in the first half of 2009, but the majority have no plans to make changes to their staff strength.
According to the semi-annual HSBC Asia-Pacific Small Business Confidence Survey, small businesses in Singapore are one of the most pessimistic in Asia on the outlook of the economy, with 82% expecting economic growth to slow down. Despite this pessimism, 87% of Singapore small businesses are anticipating staff numbers to remain unchanged, while 61% are planning to maintain current levels of investment, in the first six months of 2009.
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