Singapore’s Chief Financial Officers (CFOs) remain optimistic about their own businesses and the local economy, even as they express concerns about the global economic outlook, according to Deloitte’s inaugural Asia Pacific CFO Pulse Survey. The survey, which included responses from 462 CFOs across the region, found that Singapore CFOs are net pessimistic about the global economy with a net optimism of -41%, yet they are more positive about the Singapore economy (+26%) and their own companies (+37%).
The survey highlights that 96% of Singapore CFOs anticipate the Middle East conflict will negatively impact the global economy, with 82% expecting repercussions for Singapore and 81% for their own businesses. However, only 7% foresee a significant impact on their organisations. In response to these uncertainties, CFOs are adopting a disciplined approach, with 74% tightening cost controls, 56% monitoring developments, and 37% reprioritising or deferring capital investments.
Looking forward, CFOs are focusing on growth within familiar markets. Acquiring new customers in existing geographies is a top priority for 63%, whilst 44% aim to increase sales to existing customers. AI adoption is progressing, with 74% of CFOs reporting some level of implementation, though only 11% report extensive use. Challenges remain in scaling and realising value, with talent and skills gaps and data issues cited as significant barriers.
Ho Kok Yong, CFO Programme Leader at Deloitte Asia Pacific and Southeast Asia, noted, “Singapore CFOs are looking at the global environment with caution, but they are not standing still. What comes through strongly is disciplined confidence.” The survey underscores the resilience of Singapore’s CFOs amidst global challenges, as they continue to focus on performance and adaptability.
