Staying resilient despite obstacles

Lam Yi Young, SBF’s chief executive officer, said the survey shows that while businesses recognise that there are some signs of improvement in conditions, they are also realistic about the challenges. “This is not going to be an easy year, ” he said.

SINGAPORE: Businesses in Singapore remain hopeful although almost two-thirds, or 63%, were negatively impacted by the Covid-19 pandemic with revenue plunging by 31% on average, an annual survey by the Singapore Business Federation (SBF) found.

Despite the challenges of an uncertain economic climate engendered by the pandemic, 69% of companies are confident they can sustain their business in the next 12 months.