ED 52 (Nov-Dec 2013)

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COMMENTARY COMMENTARY Local CFOs still buoyant on economic outlook Finance executives in Singapore continue to remain optimistic and positive about the economic outlook, although they will keep a watchful eye over business performance. This nding, amongst others, was released in the recent American Express Business Momentum Survey <strong>2013</strong>, which polled 101 business executives in Singapore. The report paints a relatively benign picture of the local economy, with slightly more than half of the respondents (53 per cent) reported that they expected modest to substantial economic expansion in the coming year. 42 per cent of the respondents also expected their company’s business performance to improve, with the remainder forecasting the status quo to remain as it is (42 per cent) or a drop in overall performance (15 per cent). Although the outlook can be considered as rosy, businesses underscored several key areas that are challenges to further growth. These include industry competition, currency volatility, labour costs and improving current products and services. A number of nance executives also cited emerging markets as important drivers for growth. This is particularly important within Asia, as the top ve emerging markets for CFOs in Singapore are in this region: Indonesia (40 per cent), Vietnam (25 per cent), China (24 per cent), Malaysia (24 per cent) and India (16 per cent). “With companies here so reliant on emerging markets for growth due to our proximity to these booming economies, it is important for CFOs to gain a thorough understanding of the business environment and cultural norms of doing business abroad, and to be aware of the potential pitfalls, so that they can maximise opportunities to steer their companies forward to bolster and sustain growth,” said Ms Melanie Cochrane, American Express Senior Vice President of Global Corporate Payments, for the Asia- Pacic region. As the local manpower crunch persists, local respondents expect an increase in labour cost in the coming months, driven by the need to retain talent (88 per cent), support company expansion (53 per cent) and meet regulatory requirements like foreign wage levies (38 per cent). A number of CFOs also said that they would look to retaining their best talent by offering better training opportunities to existing employees, enhancing employment schemes and exploring automation solutions. E 26 NOV DEC <strong>2013</strong> ENTREPRENEURS’ DIGEST
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