OUTLOOK 2024
Singapore SMEs brace for another year of rising costs
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Renald Yeo
EVEN as Singapore’s inflation cools this year, small and medium-sized enterprises (SMEs) are expected to face continued – or even intensifying – cost pressures.
Industry leaders noted four areas of concern: rents; labour costs; utilities and fuel charges; and pass-through costs from suppliers.
Rents: Still heading up
Rental charges of commercial and industrial spaces will generally tick up in 2024, said Ang Yuit, president of the Association of Small and Medium Enterprises (Asme).
