UOB Survey Reveals Key Priorities for Businesses in Budget 2024
According to the UOB Business Outlook Study 2024, a growing number of firms are seeking additional support in the face of inflation, with a significant rise in demand for green incentives and SkillsFuture credits. Conducted across 800 small and medium-sized enterprises (SMEs) in Singapore, the survey highlights that 84% of businesses are feeling the effects of inflation, especially in sectors like industrials, oil and gas, and manufacturing.
The top priority for businesses in Budget 2024 is government assistance to mitigate inflation, with 45% of respondents seeking this support—an increase of 19 percentage points from the previous year. The survey also showed a 10 percentage point rise in firms requesting higher SkillsFuture credits (42%) and incentives to adopt sustainable practices (29%).
With operating costs rising due to inflation, businesses are looking to the government for relief and additional resources to stay competitive while transitioning to more sustainable operations.
