Economic restructuring too fast, more support needed: Singapore companies
Singapore companies are lamenting that the pace of economic restructuring here has been too fast and that they need more help to cope.
About two-thirds of the companies polled in a recent survey by accounting giant KPMG lamented the rapid speed of restructuring, while only about one in 10 felt that the pace was "just right".
Almost half of the 159 companies surveyed also felt that the tight labour market, a result of the restructuring drive, is increasing manpower costs faster than productivity gains.
KPMG's survey, aimed at taking the pulse of companies here ahead of the upcoming Budget, also found that many firms have been too caught up with dealing with day-to-day survival issues to think about investing in their long-term growth.