Nearly 60 percent of Singaporean firms need 1-2 years to recover hinh anh 1Illustrative image (Photo: AP)
Singapore (VNA) – Almost 60 percent of Singaporean companies said it will take them one to two years to recover to pre-pandemic levels, even when they seek new sources of revenue and speed up technological adoption.

According to a survey recently announced by the Singapore Chinese Chamber of Commerce and Industry (SCCCI), 80 percent of respondents said their revenues were hit while 76 percent saw profit margins decline.

Additionally, they also faced challenges related to financing and cash flows, rising business costs and uncertain economic and political conditions overseas.

The poll done in June and July gathered responses from 1,020 companies, 95 percent of which are small and medium-sized enterprises.

On August 17, Singaporean Deputy Prime Minister and Finance Minister Heng Swee Keat announced support measures amounting to 8 billion SGD (5.84 billion USD), which includes an extension to the wage subsidy scheme for Singaporeans until the first quarter of next year. 

The Singaporean economy is predicted to contract by 5-7 percent this year./.