Singapore ended 2020 with what is expected to be the worst recession on record with a contraction of 5.8%, according to the government’s preliminary estimates.

The downturn saw more companies tapping on government help to try and transform so as to pull through the crisis. However, the broad-based support measures will be more selective going forward. According to government agency Enterprise Singapore (ESG), some 15,300 companies had leveraged on its support last year to embark on projects to raise productivity, innovate and inter- nationalise.

These companies had mainly come from the lifestyle, trade and connectivity and modern services sectors (see chart 1). The latest number is a 54% surge from 2019, ESG — an agency parked under the Ministry of Trade and Industry (MTI) — notes in its annual year-in-review on Feb 5.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook