Singapore companies evaluate alternatives for their recovery

Singapore companies evaluate new economic alternatives and technologies to recover from the economic impact caused by the pandemic.

Singapore companies are looking for new sources of income and are evaluating the incorporation of new technologies adapted to their services and products.

This after stating that most will need between 1 or 2 years to recover from the losses caused by the spread of Covid-19.

According to a survey carried out in the city-state, 60 percent of the consulted companies confirmed that this is the necessary time to regain their stability similar prior to the pandemic.

According to the study published by the Singapore Chinese Chamber of Commerce and Industry (SCCCI), 80 percent of the firms surveyed stated that their income was affected, while 76 percent saw their profits decrease.

Respondents highlighted that they are currently facing challenges related to financing and cash flows.

In the same way, they pointed out the increase in commercial costs, the economic conditions of the world is another of the scenarios they currently face.

The survey was performed in June and July among more than 1,000 companies, 95 percent of them small and medium-sized companies.

Job Support Scheme will be extended to support companies

In the midst of this panorama, the Singaporean government announced the extension of the Job Support Scheme to provide help to workers and companies affected by Covid-19.

This measure was recently announced by Singapore’s Deputy Prime Minister and Finance Minister Heng Swee Keat, who also stated that $ 5.84 billion were approved for the initiative.

Among the measures described include continuous support for jobs to increase the number of local workers during the next six months.