3 out of 10 accountants downbeat about economic growth in 2015

High business costs are still the top concern.

A higher number of Singapore-based accountants are pessimistic about the local economy’s growth prospects for 2015, the Institute of Singapore Chartered Accountants (ISCA) revealed today.

The ISCA’s pre-budget survey 2015 showed that 30% of public accountants are downbeat about the country’s economic growth, higher than the 22% of public accountants who felt pessimistic last year.

The proportion of public accountants who have positive views about Singapore’s economic growth fell from 38% in 2014 to 32% in 2015.

“Overall, 35% of respondents this year have an optimistic view of Singapore’s economic growth in 2015, while 22% hold a pessimistic view. This compares with 36% of respondents who held optimistic views and 20% who held pessimistic views on the economy last year,” stated the report.

The survey showed that high business costs are still the biggest concern for local firms, coupled with difficulty in hiring and regulatory concerns.