CFOs stay bullish on local economy despite global gloom

96% expect the Middle East conflict to hurt the world economy this year.

Finance leaders are optimistic about Singapore's outlook and more confident in their own companies, despite a more pessimistic view of the global economy, according to Deloitte’s inaugural Asia Pacific CFO Pulse Survey.

Amongst Singaporean chief finance officers(CFO) surveyed, 41% are pessimistic about the global economy, but remain positive, with Singapore’s economy at +26% and even more confident in their own companies at +37%.

In addition, 89% expect profits to increase or remain steady over the next 12 months, well above the 83% Asia Pacific average.

The report said that 96% of Singapore CFOs expect the Middle East conflict to negatively affect the global economy, and 59% expect that impact to be significant.

Sentiment is more measured closer to home: 82% expect a negative effect on the Singapore economy, and 81% expect some negative impact on their own business, but only 7% believe the effect on their own organisation will be significant.

Deloitte said this suggests that whilst CFOs are alert to external volatility, many still see their own businesses as resilient and better placed to navigate ongoing disruption in the year ahead.

85% said geopolitical instability is the top business risk. Nearly half (48%) said it's inflation, while 41% of Singaporean CFOs cited supply chain disruptions.

74% are tightening cost controls to minimise business risk. 56% said they are monitoring developments before acting, whilst 37% are reprioritising or deferring capital investment.

Meanwhile, over the next 12 months, 63% expect acquiring customers in existing geographies to be their main growth driver, followed by increasing sales to existing customers (44%).

Most Singapore CFOs report some level of AI adoption across their organisations, with 63% reporting pockets of use and 11% reporting extensive use. A further 26% say they plan to implement AI.

Within the finance function, adoption is lower: 44% report pockets of use and 7% report extensive use. The survey suggests that while interest in AI is high, scaling and value realisation remain a work in progress.

Only 41% of Singapore CFOs report some value from AI investments, below the Asia Pacific average of 52%. Within finance, the most common AI use cases are invoice processing (33%), financial planning and analysis (26%), and contract analysis (26%). The main barriers to adoption and value delivery are talent and skills gaps (67%) and data issues (63%). In response, CFOs are prioritising training and upskilling (70%), whilst 44% are focused on addressing data challenges and 44% on upgrading finance systems.

The survey gathered responses from 462 CFOs across Asia Pacific, including 27 in Singapore.

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