Corporates in Singapore brace for earnings hit from recession, but express long-term optimism
80% of Singapore CEOs predict that a recession will impact their anticipated earnings by up to 10%, according to recent research by KPMG. But recent efforts in digital transformation will enable them to weather the storm.
A looming recession is hitting business sentiment in Singapore, where four out of five CEOs expect a reduction in earnings over the next year. 88% of CEOs active in the market have implemented, or are planning to implement, hiring freezes over the next six months. Other strategies to prepare for the imminent downturn include diversifying supply chains.
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