Active Stocks
Sat May 18 2024 12:29:54
  1. Tata Motors share price
  2. 953.75 0.85%
  1. Power Grid Corporation Of India share price
  2. 316.10 0.88%
  1. ITC share price
  2. 436.50 -0.02%
  1. Tata Steel share price
  2. 167.90 0.39%
  1. State Bank Of India share price
  2. 820.35 0.31%
Business News/ Economy / Taylor Swift tour prompts economists to upgrade Singapore GDP forecast. Here's why
BackBack

Taylor Swift tour prompts economists to upgrade Singapore GDP forecast. Here's why

Gross domestic product probably expanded 2.9% in the three months ending March 31, the quickest pace in six quarters, according to the median estimate in a Bloomberg survey.

Taylor Swift fans, or Swifties, dance to her music at the National Stadium during Swift's Eras Tour concert in Singapore on March 2 (Reuters / Caroline Chia)Premium
Taylor Swift fans, or Swifties, dance to her music at the National Stadium during Swift's Eras Tour concert in Singapore on March 2 (Reuters / Caroline Chia)

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 probably expanded 2.9% in the three months ending March 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% from 2.3% seen previously — toward the upper end of the government’s 1%-3% forecast for 2024.

Also Read | India to grow 6.8% in FY25, become upper-middle-income economy by FY31: Crisil

The Singapore leg of the Eras tour involves the singer performing six concerts through March 9. That carries benefits to Singapore’s hospitality, food & beverage, and retail activities, according to DBS Bank Ltd. 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.

Also Read | ECB interest rates held as weaker inflation raises prospect of cuts

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

“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."

Also Read | Moody's upgrades India's FY24 GDP growth forecast to 8%

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 08 Mar 2024, 11:06 AM IST
Next Story footLogo
Recommended For You