Economists Estimate Taylor Swift's Concerts Will Boost Singapore's GDP By 2.9%
The concerts are estimated to have injected SGD400 million (approximately RM1.4 billion) into the country's economy.
By May Vin Ang β 13 Mar 2024, 11:11 AM
Economists have raised Singapore's first-quarter growth forecast, attributing part of the gains to Taylor Swift's recent Eras Tour concerts
According to a Bloomberg survey, the country's gross domestic product (GDP) is projected to increase by 2.9% in the first three months of the year, marking the fastest growth Singapore has seen in six quarters.
Economists also raised their annual growth expectation for Singapore from 2.3% to 2.5%, placing it on the optimistic end of the government's forecast range of 1% to 3% for the year 2024.
The Singapore leg of the Eras Tour, featuring six shows from 2 to 9 March, reportedly benefitted the country's hospitality, food and beverage, and retail sectors
According to CNA, more than 300,000 tickets were sold for the six shows at the Singapore National Stadium, drawing fans from various countries.
Singapore was the only stop in Southeast Asia for Swift's Eras Tour following the government's successful attempt to secure an exclusive deal with the singer.
DBS economist Chua Han Teng told Bloomberg that the economic boost is expected due to the increased spending by the large influx of overseas fans
He estimated that the shows injected between around SGD300 and SGD400 million (approximately RM1.4 billion), or 0.2%, into the city-state's GDP in the first quarter.
Chua added that live concerts by major international artistes such as Swift are a great "pull factor" to attract visitors and grow tourism in Singapore.
"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.
