Concerns over Singapore’s rising household debt levels may increase after data showed bankruptcy orders have risen to the highest level since 2009, but it isn’t clear whether it signals trouble ahead.
Bankruptcy orders rose nearly 14 percent on year in 2013, and although the actual number was relatively low at 1,992, that is the highest number since 2009, the middle of the global financial crisis.
“We’re seeing perhaps rising costs coming from rentals and labor costs having some impact on some businesses in a very competitive landscape,” said Song Seng Wun, an economist at CIMB. “It is inevitable that some businesses and individuals who may have overstretched themselves would struggle.”
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Mingze Wu
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