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Business
confidence in Singapore dives
DPA
24
Mar
08
http://nationmultimedia.com/worldhotnews/read.php?newsid=30069010
Business
confidence in Singapore has slumped to its lowest level since the
end of 2004, according to a survey Monday.
While sales and
profit figures were largely unchanged in the last three months of
2007, prospects have fallen sharply for the next six months, The
Business Times and SIM University poll revealed.
The
survey showed that the business prospects net balance - or
difference between the percentage of optimistic and pessimistic
companies - fell to 20 per cent from 39 per cent.
"The
firms may be overly pessimistic because of the grim prospects in
the US economy, accompanying volatile and weak stock markets and
rising oil prices," said Chow Kit Boey, director of the
quarterly survey of 128 companies.
Some 71 per cent of the
firms have overseas business.
Large and local firms
accounted for the most severe drops. Foreign firms however were
much more upbeat.
The foreign companies recorded the best
performances for the three months, with the largest increases in
net balances for sales, profit and orders. Local firms saw the
biggest declines.
Vietnam is speedily becoming a favoured
investment destination, the survey said. China and India are the
other frontrunners.
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