SINGAPORE - Finance professionals expect a slow return to normal from the impact of the coronavirus-induced recession, according to a survey by the Association of Certified Chartered Accountants Singapore.
According to the survey a significant number of business leaders - 81 per cent - have now completed a financial reforecast. Of those, 12 per cent predict negative revenue growth of 50 per cent or more as the most likely outcome from the expected impact of Covid-19. Mr Reuter Chua, head of ACCA Singapore, said;"Our data for June reveals continued cash flow challenges, with more than a third in Singapore saying this is a problem. A similar number of businesses are moving now to secure additional funding. Since the March research, the new data reveals greater concerns over financing and debt issues, and given the global economic climate, it means these will be difficult matters to resolve.
Government support has been effective, according to 66 per cent of the respondents. However, 6 per cent believed the support was ineffective.