The upbeat sentiment is pegged to the confidence in the economy with nearly three quarters expecting it to grow this year, above the survey average of 65%.

59% sought external funding for business growth in 2023, reflecting a shift from business survival in 2022.

The increasing cost of doing business, however, remains a key concern with materials, utility costs, staff costs and rent being the costs that impacted businesses the most last year. Close to 50% said increasing cost negatively impacted their business.

For more findings, please check out this infographic.

Check it here.