UOB’s Business Outlook Study 2025, conducted in January, surveyed 900 businesses across Singapore, revealing that more than 80% of companies have applied or intend to apply for initiatives from Budget 2024.
The study highlights the ongoing challenges and expectations businesses have for the upcoming Budget 2025, particularly in managing high costs and inflation.
The survey found that the SkillsFuture Enterprise Credit and Progressive Wage Credit are the most recognised initiatives, with 29% and 21% awareness, respectively. However, 17% of businesses have not engaged with any Budget 2024 initiatives, citing uncertainty about relevance and the time-consuming nature of applications as primary barriers.
Businesses are keenly anticipating Budget 2025, with half seeking support to combat inflation. They are also looking for measures to aid digital adoption, sustainability projects, and export opportunities. UOB’s Head of Group Commercial Banking, Eric Lian, noted, “About one in two businesses are still hoping that Budget 2025 will bring support measures to cope with high costs.”
Business sentiment remains positive, with over 80% of respondents expressing optimism, a significant increase from previous years. Despite this, high inflation remains a concern for 31% of businesses, although this is a decrease from 37% last year.
Sustainability practices are gaining traction, with 48% of companies focusing on resource efficiency and 40% on energy-efficient technologies. However, cost concerns and insufficient knowledge remain significant hurdles.
As Singapore prepares for Budget 2025, the findings underscore the critical role of government initiatives in supporting businesses through economic challenges and fostering growth.
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