GuideMeSingapore

HSBC Small Business Confidence Monitor, which was released recently, revealed that the confidence levels of Small and Medium Enterprises (SMEs) in Singapore grew 19 points from the last quarter of 2009 to 136 points. Singapore demonstrated the highest leap in confidence among other Asian countries surveyed.

Small Business Confidence Monitor is the largest international survey of its kind capturing the views of more than 6,300 SMEs across 21 markets in Asia, the Middle East, Europe, North America and Latin America. The twice yearly study measures business confidence levels based on the outlook of companies in terms of local economic growth, their capital investment and recruitment plans for the next six months. The results are used to calculate an index ranging from 0 to 200, where 200 represents the highest confidence level, 0 represents the lowest and 100, neutral.

Before the global financial crisis had set in Singapore had an index points of 120, which was considered solid, and during the prime of the crisis it dropped to as low as 93. The latest index points indicate that the businesses are swiftly rebounding to the pre-crisis levels. The majority of the companies surveyed are extremely confident about the country s economic growth and performance in the second half of the year. Only very few (6%) are forecasting a slow down.

Earlier in a separate study- HSBC Trade Confidence Index revealed that traders from Singapore are most optimistic about their trade prospects with South-East Asia as well as Greater China in the next six months. HSBC Trade Confidence Index is based on survey of over 5000 small and mid-market enterprises and analyses their outlook on trade volume, buyer and supplier risks, the need for trade finance, access to trade finance, and the impact of foreign exchange on their businesses.

Commenting on the survey findings, Mr. Samir Gosh of Janus Corporate Solutions said Singapore has largely remained resilient through the crisis and the stimulus measure focused on the enterprises during the crisis has paid off well and since the start of the year the economy has gained significant momentum because of the regional focus, launch of IR and the resultant hike in tourist arrivals. The manufacturing sector has registered exceptional growth. The semi-annual economic review by the government has demonstrated a phenomenal growth and the rest of the year growth forecast has been upwardly revised to 13%-15% for the rest of the year. Singapore has yet again proved to be the most happening economy and being centered in the region of economic growth, it is only natural that the sentiments are bullish, as a company incorporation agency we have noticed a hike in new business registrations and all of our clients are upbeat about their business prospects, overall these are signs that the business climate in Singapore is returning to the pre-crisis level

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