The annual Asia-Pacific Small Business Survey found 78% of Malaysia small businesses expect to grow in 2024, the country’s best result since 2012 and higher than the survey average of 70% in the region.
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.
