One economist expects Taylor Swift's concerts to add around S$300 million to S$400 million to Singapore's economy in the first quarter.
Economists also raised the annual growth expectation to 2.5 per cent from an earlier projection of 2.3 per cent. This is towards the upper end of theFor the final quarter of last year, official figures showed that Singapore's GDP grew by 2.2 per cent year-on-year, lower than the projection of 2.8 per cent but accelerating from the 1 per cent growth in the third quarter.
DBS economist Chua Han Teng told CNA on Monday that the concerts are estimated to add around S$300 million to S$400 million, or 0.2 percentage points of GDP, to Singapore's economy in the first quarter. "Such large-scale popular events will help to bolster Singapore’s position as a thriving live music entertainment venue in the long-term," he said.
"We expect 1Q24 GDP to grow 3.3 per cent year-on-year, driven by a sustained turnaround in industrial production," Ms Liu said.In particular, the"newly emerging music tourism" will inject a boost to the economy, benefitting travel-related sectors including flight, accommodation, retail, and food and beverage, Ms Liu said.
According to one expert, Swift's concerts in Singapore could generate revenue that possibly exceeds the estimated A$1.2 billion in economic value from her time in Melbourne, where she had three shows.
Source: Financial Digest (financialdigest.net)