A resilient domestic economy and better global market conditions have Malaysia's small and medium businesses (SMBs) positive about their business prospects for 2014, according to the UOB Malaysia SMB Survey. About 72% of SMB owners surveyed said they experienced positive year-on-year revenue growth in 2013, with a m
A resilient domestic economy and better global market conditions have Malaysia's small and medium businesses (SMBs) positive about their business prospects for 2014, according to the UOB Malaysia SMB Survey.
About 72% of SMB owners surveyed said they experienced positive year-on-year revenue growth in 2013, with a majority of them attributing the domestic economy as the main contributing factor.
The survey also found that over half of the respondents (56%) were bullish about their business outlook for the next 3 years. About 42% of SMB owners said they were neutral on their business outlook while only 2% of the respondents were pessimistic about the future performance of their business. Of those who felt their business would perform well, 40% attributed their optimism to the stable domestic economy while 22% said it was due to the improving global economic landscape.
These largely positive views are supported by those of the UOB Economist-Treasury Research unit which expects Malaysia's gross domestic product growth to strengthen to 5.2% in 2014 on the back of strong domestic demand, a rebound in exports and recovery in global economies.
UOB Malaysia CEO Wong Kim Choong said: "The improving global economic landscape is expected to contribute to a rise in external demand, not only for Malaysia but the region at large.