SINGAPORE’S Business Boom: Small Firms’ Confidence Soars to New Heights
— Confidence among small businesses in Singapore has hit its highest point since 2019, says a survey by CPA Australia. The Asia-Pacific Small Business Survey shows that 62% of these businesses expect growth this year, marking the most optimism since 2018. This positive trend is expected to continue into 2025.
Greg Unsworth from CPA Australia notes that this confidence reflects not just business prospects but also a brighter economic environment. The survey highlights a big jump in technology use, with more firms embracing online and digital payments.
In 2024, an impressive 63% of small businesses reported earning over 10% of their revenue from online sales, up from just 36% in 2019. This shift shows a strong move towards digital transformation among Singapore’s small enterprises.