Higher costs had the biggest impact on Asian businesses in 2023, even as they continued to grapple with a global economic slowdown and rising borrowing costs, according to a survey by UOB. Apart from rising costs, 27% of the respondents said they were affected by an overall economic slowdown, while 23% said a higher interest rate environment took a toll on their businesses More than 4,000 businesses in Southeast Asia and Greater China were surveyed in China, Hong Kong, Thailand, Vietnam, Malaysia, Singapore and Indonesia. Customers work a cafe and a co-working space in Hanoi, Vietnam, on Thursday, July 20, 2023. Bloomberg | Bloomberg | Getty Images
Higher costs had the biggest impact on Asian businesses in 2023, even as they continued to grapple with a global economic slowdown and rising borrowing costs, according to a survey by UOB.
More than 4,000 businesses in Southeast Asia and Greater China were surveyed in China, Hong Kong, Thailand, Vietnam, Malaysia, Singapore and Indonesia.
Of those polled, 32% said they were impacted by high inflation, another 32% said they faced increased operating costs, while 24% said rising labor costs hurt their business, UOB’s 2024 Business Outlook Survey reported.
The online survey, carried out from last December to the middle of January, polled 4,050 small- and medium-enterprises and large companies.
Apart from rising costs, 27% of the respondents said they were affected by an overall economic slowdown, while 23% said a higher interest rate environment took a toll on their businesses.
Still, about four out of 10 companies said they felt “very positive” about the business environment in 2023, while 32% said they were “somewhat positive,” the survey showed. Indonesia
