Image Credits-The Independent
Business confidence is on the rise, with a growing number of companies anticipating an economic upturn by 2025, according to a recent poll conducted by the Singapore Business Federation (SBF). The survey reveals a marked shift in corporate sentiment, with optimism about the future replacing the cautious outlook that has prevailed in recent years.
The SBF poll, which surveyed a broad cross-section of businesses across various industries, found that a significant majority now believe the economy will improve over the next two years. This positive outlook is driven by expectations of stronger global demand, technological advancements, and increased government support for key sectors.
“Businesses are increasingly confident that the worst of the economic downturn is behind us,” said an SBF spokesperson. “The results of this poll suggest that companies are looking ahead with renewed optimism, buoyed by signs of recovery both locally and globally.”
The survey highlights several factors contributing to this optimistic outlook. Many respondents cited the continued easing of global supply chain disruptions, the acceleration of digital transformation, and robust domestic demand as key drivers of future growth. Additionally, recent government initiatives aimed at boosting innovation and supporting small and medium-sized enterprises (SMEs) have bolstered confidence among business leaders.
While the overall sentiment is positive, the poll also reflects some concerns. Businesses remain wary of potential challenges, including geopolitical tensions, inflationary pressures, and labor shortages. Despite these risks, the majority of companies surveyed believe that the long-term prospects for the economy are bright.
Industry experts suggest that the growing optimism could translate into increased investment and expansion plans, as companies position themselves to take advantage of the anticipated economic rebound. The poll’s findings indicate that many firms are already making strategic adjustments in anticipation of future growth, from exploring new markets to adopting innovative technologies.