Today Singapore hosts over 250 Swedish companies – one of the highest numbers in Asia Pacific. Many of these companies have shifted from prudent cost-savings to a sales-driven directive over the course of the year. But challenges remain, such as hiring and retaining qualified staff as well as supply-chain disruptions and regulatory compliance. Nevertheless, half of the 86 participating companies in the survey found the business climate good or very good. The benefits are related to personal safety, physical infrastructure, and legal security.
Despite this, most businesses forecast a bleaker year ahead. As with the rest of the world, the possibility of recessionary pressures and high inflation from supply chain disruptions will continue to impact Singapore. Inflation is expected to hit around five percent, one of the highest figures recorded in the country’s history. As of June 2022, Singapore's central bank increased interest rates to reduce inflation, affecting business loans and mortgages. Support packages have been provided to lower-income groups, but it is yet unclear if the situation will improve.
Good news is that the government is expected to prioritise investment in infrastructure, agri-food technologies, and green and sustainable solutions—all areas in which Swedish companies are global thought leaders and innovators. Moving forward, this will be a clear advantage, with best practices on innovation and sustainable development in high demand in Singapore’s market.
Please download the report to fully overview the results and get a detailed analysis.
ABOUT THE SURVEY
The Business Climate Survey is a study authored by Team Sweden for Swedish companies to understand the opportunities and challenges that they face when doing business in Singapore.
This year, the survey was sent out to over 200 local executives representing Swedish companies in Singapore, 86 of which provided answers. The answers were collected between 15 March and 22 April 2022.