Half of Businesses Seek Aid Amidst Inflation and Digital Push

Singapore Business Review · Feb 17 08:53

Budget initiatives are seen vital in managing costs and boosting productivity.

As Singapore is set to announce its spending plan for 2025, a UOB survey revealed that 50% of businesses hope this fiscal year's budget will include support to manage the impact of high inflation and fund digital adoption.

According to UOB's Business Outlook Study 2025 (SMEs & Large Enterprises), this increased from the 45% recorded in 2023.

There were also 46% who said the budget will hopefully include grants and extra funding for digital adoption, whilst 42% call for increased SkillsFuture credit, 41% seek incentives to adopt sustainable practices, and 25% want facilitation of export opportunities.

Businesses also see budget initiatives playing a key role in managing their costs, boosting productivity, improving cash flow, improving customer demand and ensuring staff retention.

UOB's survey found that 45% said budget initiatives will help manage costs, 38% said these will improve their productivity, 33% said these will improve cashflow, 31% said these will enhance customer demand/revenue, and 30% said these will help staff retention.

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