SINGAPORE: A vast majority of Singapore companies are planning radical changes to their business models in the next decade.

A survey conducted by KPMG found that 84% of respondents here intend to restructure themselves.

It is the second highest figure, just behind Japan's 87 per cent, in a survey of 850 senior decision makers from 29 countries.

The report also noted that Asia Pacific businesses are using the global recession as an opportunity for major changes to their operations. They are doing so in anticipation of the emergence of new international markets.

In contrast, many European businesses are undecided on how to respond to the current crisis. For example, less than a third of European countries like Russia, Belgium and Hungary are planning major changes to their businesses.

KPMG also noted a stark difference between Asian and European companies in terms of their reaction to the global recession.

It found that Asian firms have been cutting costs as best as they can until the markets recover, but European businesses are relying on government action to renew their economies.

The respondents whose businesses see turnover of between US$250 million and US$5 billion were interviewed last week. - 938LIVE/vm