Two out of three small and medium enterprises (SMEs) believe that their businesses are unlikely to recover this year, according to a survey conducted by the Small and Medium Enterprises Association (Samenta).

Samenta central chairperson William Ng said the survey also showed 16 percent of respondents think that their business will only recover in 2023.

"From June 19 to 23, Samenta conducted our mid-term survey, and the result is far from heartening...