Confidence amongst Singapore’s CEOs regarding growth prospects for 2025 has notably declined, according to the latest EY-Parthenon CEO Outlook Survey.
The survey, which included 1,200 global business leaders, found that Singapore’s CEO confidence fell to 54% from 72% in September 2024, primarily due to concerns over prices and inflation. In contrast, global CEO confidence rose to 73.5% from 70.5%.
The survey highlights that 44% of Singapore respondents believe they will not fully achieve their transformation goals, compared to 43% globally. Despite this, 56% of Singapore CEOs remain optimistic about reimagining their business models through transformation. Janet Truncale, EY Global Chair and CEO, emphasised the importance of adaptability, stating, “Organisations that embrace transformation can turn disruption into opportunity.”
Singapore’s CEOs are also showing reduced interest in mergers and acquisitions (M&A), with only 40% planning to pursue such activities in the next 12 months, down from 48% in September 2024. Conversely, global CEOs’ appetite for M&A increased to 56%. Andre Toh, EY Asean and Asia-Pacific Valuation Leader, noted that Singapore’s open economy makes it vulnerable to supply chain shocks, influencing cautious decision-making.
Investment in people and technology remains a priority, with 85% of CEOs recognising the need to address capability gaps. However, 55% of Singapore CEOs expressed concerns about potential workforce reductions due to declining profitability. The survey also revealed that Singapore CEOs are focusing investments locally, with top markets including the US, Malaysia, Indonesia, and Hong Kong.
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