The Business Times
business-time-50

Demand for strategy, tech-related consulting could fall amid downturn: analysts

google-preferred-sourceAdd BT as a preferred source
Paige Lim

Paige Lim

Published Mon, May 1, 2023 · 05:50 AM
    • Market watchers said weak global growth has been dampening demand for consultancy, both worldwide and in Singapore.
    • Market watchers said weak global growth has been dampening demand for consultancy, both worldwide and in Singapore. PHOTO: BT FILE

    DEMAND for strategy and technology-related consulting services could fall as businesses reduce growth plans and tighten budgets amid economic weakness, said market watchers.

    But conversely, weak conditions could spur demand for advisory on operations management, restructuring and insolvency. Longer-term demand also remains in areas such as environmental, social and governance (ESG).

    The global consulting industry has been rocked by job cuts in recent months. Globally, McKinsey & Co is cutting 2,000 jobs and Accenture is slashing 19,000. In the United States, KPMG is laying off 2 per cent of its staff; EY is cutting 3,000, mostly in consulting; and Deloitte will cut 1,200.

    ConsultancyLayoffsEYKPMGMcKinseyPwCDeloitte

    TRENDING NOW

    Eugene Lai (left) says that he was sharing a view with Tan Chian Khong that the board needed a refresh and that it was not an explicit direction to resign.

    CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh

    Some industry watchers wonder if Orchard Road can hold its own next to competing retail destinations, both global and local.

    What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    The exterior (left) and interior (right) views of Waterwall House, featuring glass interfaces, open voids, split levels and raw concrete walls.

    Rare brutalist Singapore house opens to the public before changing hands

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More