The American Chamber of Commerce in Singapore (AmCham Singapore), in partnership with Sandpiper Communications, released the findings of its Covid-19 Business Impact Survey. Following the overview of the survey findings Singapore’s Minister for Trade and Industry, Mr. Chan Chun Sing, conducted a dialogue with the members of AmCham. The survey finds that: Impact to Business Operations

• Covid-19 has “greatly impacted” business operations in Singapore for 21% of companies and “somewhat” impacted another 57%.
• Almost 32% of companies reported that Covid-19 has impacted their Asia Pacific business operations to a great extent.
• Companies are limiting ways staff could potentially be exposed to Covid-19 with 82% of companies putting off business travel out of Singapore.
• Respondents are cautious about business travel to Singapore with 40% of companies cancelling such travel plans.
• 63% of respondents saying they have already postponed or cancelled large-scale meetings or events in Singapore as a direct result of Covid-19.

Economic Outlook

• The majority of companies expect impact to their 2020 revenue, with 38% estimating a decrease between 1%-10%, and 20% of companies estimating a decrease of 11%-20%.
• 39% of companies have already started to re-evaluate their strategy for the remainder of 2020.

Companies’ Perception of Singapore and the Singapore Government’s Measures

• 98% of companies continue to hold long-term confidence in Singapore as a business hub.
• Companies find that the Singapore Government has been transparent and forward-leaning in communicating health and safety updates and addressing the potential economic impact:
  • 97% of the companies think that the Singapore Government has been effective in communicating health and safety updates with respect to Covid-19.
  • Almost 80% of companies think that the Singapore Government has been effective in addressing the potential economic impact of Covid-19.
• Almost 80% of companies felt that the perception of the severity of the outbreak in Singapore is worse outside of Singapore rather than within it.

For the survey report, please click here. For the press release, please click here. For media coverage of the survey report, please click here.