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.
- 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.