Business closures up across all sectors, except for transport and storage

Singapore

A RECENT slump in the growth of business entities here was due in part to weakness by information technology (IT) startups and wholesale trade businesses, a new report indicated.

Still, Ministry of Trade and Industry (MTI) economist Jonathan Lin, who wrote the report, remarked that the rate of industry exits "remained broadly comparable to their respective longer-term averages, suggesting that the overall health of firms has not deteriorated significantly".