S’pore businesses contend with rising costs as policy sharpens on productivity, competitiveness

Last year’s optimism after the withdrawal of Covid-19-related restrictions has started to fade. PHOTO: ST FILE
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SINGAPORE – Even as inflation peaks and the interest rate hiking cycle heads for a pause, the cost of doing business in Singapore is likely to remain elevated for quite a while.

A significant pullback in demand for goods worldwide is already showing in export data, clouding the outlook for overall economic growth. The rebound in the services sector will also start to lose steam in time.

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