In the whole of APAC, deal volume declined by 12.2% YoY.

Singapore’s total deals in the first quarter of 2024, including mergers & acquisitions, private equity and venture financing deals, fell  21.1% YoY.

Data from Global Data showed that deal activity also fell for Asia-Pacific (APAC) by 12.2% YoY to 3,681 deals.

Apart from Singapore, China (-18.8%), Japan (-8.5%), Australia (- 5.2%), South Korea (-1.8%), Malaysia (-24%), Hong Kong (-20.8%), and Indonesia (-21.3%) saw declines in deal volume.

“The decline in APAC is driven by the subdued deal activity experienced in several key markets within the region,” Aurojyoti Bose, lead analyst at GlobalData, said.