Singapore, Dec 20, Around 40 percent of businesses based in Singapore expect their profits in 2024 to exceed 2023 levels, while 30 percent foresee revenue growth, the Singapore Chinese Chamber of Commerce and Industry said Friday, according to local media. A report released by the chamber reveals that 75.6 percent of firms experienced higher operating costs this year, up from 57.3 percent in 2021. This marks the third consecutive year in which the figure has surpassed 70 percent. Only 4.
In addition to rising operating costs, 54 percent of respondents cited labor shortages as a significant challenge, while 37 percent mentioned difficulties in shifting to growth sectors. Despite 70.9 percent of firms anticipating stable or growing revenues, 57 percent project lower profits than in the previous year. The survey, conducted between June and August, gathered 651 responses from executives, predominantly from small and medium-sized enterprises in sectors such as services, manufacturing, and construction.
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