Over 103,000 new firms set up, 73,000 companies shut in Singapore since pandemic hit

An average of 5,000 new firms were set up each month over the last two years. The majority are in sectors like retail, professional services and wholesale trade. During the same period, an average of some 3,800 businesses were shut down each month. Minister of State for Trade and Industry Low Yen Ling said the figures reflect an increase in the total number of businesses operating, despite the impact of the COVID-19 pandemic.

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