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Singaporeans anticipate economic downturn, UOB survey reveals

A recent UOB survey reveals that 68% of Singaporeans anticipate an economic downturn within the next 6 to 12 months, slightly lower than the 70% reported in 2022. The study, conducted between June 1 and 26, surveyed 3,400 individuals from five key Southeast Asian markets. Findings show that 71% across these regions expect an economic slump in the coming year. This year, UOB collaborated with Boston Consulting Group (BCG) to analyse regional consumer sentiments and trends. Rising inflation and mounting household expenses emerged as primary concerns for Singaporeans. A notable 71% are anxious about inflation, while 64% are uneasy about surging family expenses. Amidst this inflationary environment, the ability to save, prepare for retirement, and afford necessities are top concerns for the city-state’s residents.


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