Small firms turn bearish on economy

THE confidence level of small businesses in Singapore has reached its lowest ebb, going by the findings of the CPA Australia Asia- Pacific Small Business Survey 2013.

Carried out in September among 310 Singaporean business owners and senior representatives of businesses with fewer than 20 employees, the survey found these businesses less optimistic about economic growth and the outlook for their own business in the year ahead than for this year.

Under half of these small businesses (48 per cent) expect Singapore's economy to expand. In the last survey, 60 per cent did.