Singapore (VNA) – About 54 percent of Singaporean businesses have been adversely affected by the current economic slowdown, up sharply from 35 percent a year ago, according to the latest survey by the country’s Singapore Business Federation (SBF).

The survey, which polled over 1,000 SBF members in the fourth quarter last year, indicated that only 4 percent of the businesses are optimistic about the country’s economic growth.

The main challenges for Singapore in the next 6-12 months include high labour costs, an uncertain economic climate, and slow consumption growth, according to the survey.

Most of the polled companies also hope that the government’s budget in 2016 will deal with the issues of business costs and trainings for experts, managers, CEOs, and technical staff.

A number of businesses expressed hope that the establishment of the Committee on the Future Economy, which focuses on seeking solutions to boosting innovation and creation as well as provide support to enterprises, will contributing to promoting the country’s business community.-VNA