Singapore CXOs cautiously upbeat for 2014

Enterprise Innovation editors
Enterprise Innovation
C-suite executives in Singapore are cautiously optimistic on the domestic economic outlook and their organizations’ prospects for growth but challenged by rising costs, according to Accenture Research and the Economist Intelligence Unit (EIU).
 
A survey conducted by the EIU with 1,041 C-level executives across 20 countries and 11 industries, shows that half of the Singapore respondents said they were optimistic about the global economy in 2014.
 
Among Singapore executives, 56% expressed optimism on the domestic economy and 75% were optimistic about their own organization’s growth. Overall, they were slightly less bullish than their Asia-Pacific peers.
 
When asked about their growth strategies, 66% of respondents in Singapore intend to drive growth in their domestic markets in the next three years by focusing on selling new products and services.
 
A majority (77%) of Singapore executives indicated that their organizations plan to increase their R&D expenditure in 2014 to support innovation efforts.
 
Regarding human capital, 73% of Singapore executives say that their organizations will increase their investment in 2014, significantly greater than those increasing investment in physical and tangible assets.
 
Cost challenges are reflected in 2014 profit projections. Only 58% of Singapore executives forecast higher profits in 2014 versus 73% in APAC as a whole.
 
“Our research shows a focus on the domestic market but companies are also beginning to re-think the role that Singapore plays in their ASEAN and APAC portfolios,’’ said Jonathan Wright, managing director, Accenture Strategy, ASEAN.
 

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