Two-thirds of SMEs see no hope business will recover this year

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Two out of three small and medium enterprises (SMEs) believe that their businesses are unlikely to recover this year, according to a survey conducted by the Small and Medium Enterprises Association (Samenta).Samenta central chairperson William Ng said the survey also showed 16 percent of respondents think that their business will only recover in 2023."From June 19 to 23, Samenta conducted our mid-term survey, and the result is far from heartening. Two out of three SMEs do not see any hope for a recovery in 2021, with 16 percent expecting their businesses to only recover in 2023. "The full movement control order (MCO) in force is particularly devastating to a majority of our SMEs."During MCO 1.0, many SMEs still had cash buffers to keep their businesses afloat. However, after over a year of disrupted business, SMEs are no longer in a position to survive on their …