Swift tour prompts economists to upgrade Singapore GDP forecast

ECONOMISTS upgraded the first-quarter growth forecast for Singapore’s economy, with some attributing the gains in part to Taylor Swift’s Eras tour concerts.

Gross domestic product (GDP) probably expanded 2.9 per cent in the three months ending Mar 31, the quickest pace in six quarters, according to the median estimate in a Bloomberg survey. 

They also raised the annual growth expectation to 2.5 per cent from 2.3 per cent seen previously – toward the upper end of the government’s 1 per cent-3 per cent forecast for 2024.

The Singapore leg of the Eras tour involves the singer performing six concerts through Mar 9. That carries benefits to Singapore’s hospitality, food & beverage, and retail activities, according to DBS economist Han Teng Chua.

“These would be mainly supported by higher foreign tourist spending, with a large number of overseas fans attending the Singapore concerts,” said Chua, who estimates the shows to add around S$300 million - S$400 million, or 0.2 percentage points of GDP, to the city-state’s economy in the first quarter.

Still, the outlook remains fragile for the trade-reliant economy, amid tight global interest rates, China’s uneven recovery and lingering geopolitical risks.

SEE ALSO

IWD: Empowering songs from Taylor Swift and others

Singapore Indoor Stadium to make way for new ‘best-in-class’ indoor arena

Swiftonomics could spur infrastructure upgrades in South-east Asia

Singapore’s exclusive South-east Asia deal for Taylor Swift concerts ‘not unfriendly’ to neighbours: PM Lee

Asean’s Taylor tussle; Swift jump in Indonesia stocks

Economic benefits from STB grant to Taylor Swift ‘significant’, outweigh amount distributed: Edwin Tong

Welcome to Singapore, Taylor Swift

More

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

“We expect renewed weakness in the first half as slower global growth curtails activity in Singapore’s export-oriented economy,” said Shivaan Tandon, economist at Capital Economics. 

“But growth should pick up more sustainably from the second half of the year.” BLOOMBERG