Over 50% of SMEs in Southeast Asia more optimistic: report

Indonesians were found to be the most optimistic.

Business sentiment amongst small and medium enterprise (SMEs) in Southeast Asia is improving with 55% expressing optimistic outlook over business growth.

In a study that surveyed 1,500 SMEs in the region, Indonesia emerged as the most optimistic (75%), whilst only 42% were optimistic in Singapore. 

“From the third edition of the survey, we found that SMEs are keen to invest for growth, especially in technologies to improve their marketing, customer engagement, network management and operations. Building on these insights, we will develop products and solutions that will help our clients achieve their growth ambitions,” Lawrence Loh, Head of Group Business Banking, UOB, said.

Read more: Business sentiment of SMEs ‘eases’ in July

“This is how we support our customers beyond financing, to support our customers to scale up and improve efficiency, in the face of unpredictable business conditions ahead.”

The ASEAN SME Transformation Study 2022 was conducted by UOB, Accenture and Dun & Bradstreet in five key ASEAN markets – Singapore, Indonesia, Malaysia, Thailand, and Vietnam. 

The study also reported that 74% of regional SMEs have a healthy appetite for expanding within the region. Leading this are SMEs in Thailand, Indonesia, and the Philippines.