60% of Singapore firms say they'll need 1-2 years to recover

Singapore

FOR nearly six in 10 Singapore firms, business will take one to two years to recover to pre-Covid-19 levels, even as they seek new revenue sources, speed up digitalisation and innovate in products and services.

Revenues and profit margins have declined as a result of the pandemic. Yet, firms also face key challenges in financing and cash flow, rising business costs, and the uncertain economic and political conditions overseas, according to preliminary findings from the Singapore Chinese Chamber of Commerce and Industry's (SCCCI) annual business survey released on Tuesday.