Risk of Corporate Bankruptcies and Steps in Place to Cope with Inflation and Higher Borrowing Costs

Ms Foo Mee Har asked the Minister for Trade and Industry (a) whether the wave of corporate bankruptcies around the world in volumes not seen since the aftermath of the 2008 financial crisis is similarly hitting Singapore; and (b) how are Singapore firms coping with inflation and higher borrowing costs.

Mr Gan Kim Yong: The number of compulsory winding-up in Singapore has remained relatively stable over the last three years at an average of about 200 cases per year, which is comparable to the past 10-year average. The Government remains committed to supporting businesses to weather near-term challenges and pursue longer-term growth and transformation.