Singapore business closures, openings in line with pre-Covid trend: Analysts
THE recent growth in business closures in Singapore reflects both ongoing cost pressures and an earlier spike in new businesses during the pandemic, and is not expected to weigh significantly on the economy, analysts told The Business Times.
Business cessations rose 2.8 per cent year on year to 24,503 in the first half of 2022, while business formations fell by 5.8 per cent to 31,431. But these figures actually represent a return to the pre-pandemic norm, rather than being cause for alarm.
Sanjay Mathur, chief economist for South-east Asia and India at ANZ, called the year-on-year changes “a very brief spurt”, noting: “The absolute numbers for business formation or cessation are not particularly high or low.”
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Economy & Policy
Singapore and Canada to enhance science and technology cooperation
Singapore’s PMI dips in April but remains in expansion for 8th straight month
Daily Debrief: What Happened Today (May 2)
US-China competition not the most worrying, lack of communication is: Gan Kim Yong
Singapore keen on ‘talent exchange’, developing AI ‘guard rails’ with the US
Social cohesion, long-term planning, political stability are imperatives for Singapore: PM Lee