SICC | Singapore International Chamber Of Commerce | Raffles Quay – The voice of international business in Singapore
Having trouble viewing this email? Click here
7 FEB 2023  |  ISSUE 439

Dear Members and Friends

Last week, we launched the 8th annual SICC Awards and this week we bring you Chamber member QBE’s 8th annual SME Survey. SMEs form the backbone of every economy including ours and employ most people. What they do, think and how they feel are important which is why QBE surveys them.

Read on for some of the key survey findings and ask yourself what are those businesses doing which are not among the majority responses below and what will that mean for business, employment, transformation and growth?

Key Findings by QBE

The survey was conducted in Q4 2022 with more than 400 SMEs. Here is the first of a series of three releases of key findings by QBE:

·    Singapore SMEs are optimistic for 2023 but a majority show concern around the GST hike among other issues

·    59% of SMEs polled believe that the economy has improved in 2022 and 59% expect economic conditions to improve for the upcoming year.

·    55% of SMEs reported having an increase in their business’ overall sales over 2022, with 58% expecting further increases in their business in 2023.

·    41% of SMEs expect to increase the overall size of their business, and many SMEs are prepared to increase their spending over the next 12 months across capital, staff training and staff strength

·    The top three concerns SMEs have in 2023 include rising global inflation, rising energy prices and GST increases

·    Many are looking to the government for support and relief to mitigate the possible economic effects

·    While SMEs generally feel positive about the economy and their business, they remain wary of factors that could stymie growth.

·    73% SMEs polled revealed that they would resort to cost control measures to mitigate worsening economic conditions, with 44% also ready to downsize or streamline as a countermeasure.

-     Link to QBE’s infographic

Have a good week ahead.

Yours faithfully
Victor Mills
Chief Executive

Ad Sponsor For advertising enquiries, please email us
Upcoming Events Upcoming Events
8 February 2023
The Chamber’s 186th Birthday Tea
9 February 2023
The Crisis Management Toolkit: How to navigate your PR and legal challenges
14 February 2023
Certificate of Origin Seminar
16 February 2023
Reimagining the Future of Special Needs Education in an Uncertain World
21 February 2023
SICC Post-Budget Seminar
23 February 2023
Navigating sustainability through the lens of Razer
28 February 2023
ATA Carnet Seminar
8 March 2023
AI and Automation: what does it mean for you and your business in Singapore?
9 May 2023
Certificate of Origin Seminar
23 May 2023
ATA Carnet Seminar
 Our Corporate Sponsors

Principal Strategic
 Gold Silver    
 Principal-Event-Sponsor_SAS NAIHE
GUUD logo-jamescook1

Co-Sponsor_GESS_03  Co-Sponsor_SAESL Logo  Co-Sponsor_SE Logo logo-terifficmentors 
Celebrating 100 years of trade documentation services in 2023
Facebook LinkedIn YouTube
Singapore International Chamber of Commerce
6 Raffles Quay #10-01, Singapore 048580 | | [email protected]
Copyright © 2023 SICC. All rights reserved.
If you do not wish to receive future emails from Singapore International Chamber of Commerce, Opt-Out.

Cvent - Web-based Software Solutions