Society Abroad

Economists Upgrade S’pore GDP Forecast By 0.2% As Taylor Swift Concerts Boost Tourism Spendings


Singapore’s economy is set to witness its fastest growth in six quarters, partly thanks to the buzz generated by Taylor Swift’s Eras tour concerts.

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Taylor swift concert in singapore 3
Photo via Xiao Hong Shu

According to a recent Bloomberg survey, economists have revised Singapore’s first-quarter growth forecast for Gross Domestic Product (GDP) to a brisk 2.9 percent.

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Read also: ‘Malaysia Wasn’t Offered To Host Taylor Swift Concert’, Deputy Sports Minister Says

This adjustment comes alongside an uplift in the annual growth outlook, now expected at 2.5 percent, up from 2.3 percent, aligning closely with the Singapore government’s optimistic forecast of 1 to 3 percent for 2024.

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Changi airport singapore
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The spotlight shines on the Singapore leg of the Eras tour, featuring six performances up until March 9, significantly benefiting the local hospitality, food and beverage, and retail sectors.

DBS economist, Han Teng Chua, highlights to Bloomberg that the considerable economic boon expected from increased spending by a large influx of international fans, projecting an addition of S$300 million to S$400 million to the city-state’s GDP in the first quarter, contributing roughly 0.2 percentage points.

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Photo via Xiao Hong Shu

However, the broader economic outlook remains cautious amidst global financial constraints, China’s inconsistent recovery, and ongoing geopolitical uncertainties. C

apital Economics’ Shivaan Tandon anticipates a potential downturn in the first half of the year due to dampened global growth impacting Singapore’s export-driven economy.

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