Singapore businesses more resilient than Southeast Asia counterparts: survey

29% of respondents in the CPA Australia survey said government had supported them through 2020.

Small businesses were the most affected during the height of the pandemic in 2020, but a survey revealed that compared with their Southeast Asian counterparts Singapore businesses prove to be more resilient.

In CPA Australia’s survey, 55% of Singapore small businesses said that the pandemic affected them adversely. This was comparatively lower than 67% in Malaysia, 81% in Vietnam and 68% in Indonesia.

Singapore businesses resiliency relied mostly on going digital, as 75% said they earned revenue in online sales. Additionally, 84.6% businesses used social media to promote their businesses compared to 71.2% in 2019 whilst more (84.8%) adopted new digital payment technologies.

Meanwhile, only 29% of businesses said government support had a positive influence on their businesses in 2020, whilst only 27% sought government support as a response to the pandemic.

The annual survey polled 4,227 small businesses in 11 Asia-Pacific markets, including 307 respondents from Singapore.

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