PUBLISHED : 8 Mar 2024 at 11:06
Economists upgraded the first-quarter development forecast for Singapore’s economic system, with some attributing the positive aspects partly to Taylor Swift’s Eras tour concert events.
Gross home product in all probability expanded 2.9% within the three months ending on March 31, the quickest tempo in six quarters, based on the median estimate in a Bloomberg survey. In addition they raised the annual development expectation to 2.5% from 2.3% seen beforehand — towards the higher finish of the federal government’s 1%-3% forecast for 2024.
The Singapore leg of the Eras tour includes the singer performing six concert events by way of March 9. That carries advantages to Singapore’s hospitality, meals & beverage, and retail actions, based on DBS Financial institution economist Han Teng Chua.
“These can be primarily supported by increased international vacationer spending, with numerous abroad followers attending the Singapore concert events,” stated Chua, who estimates the exhibits so as to add round S$300 million-S$400 million (8-10 billion baht), or 0.2 share factors of GDP, to the city-state’s economic system within the first quarter.
Nonetheless, the outlook stays fragile for the trade-reliant economic system, amid tight world rates of interest, China’s uneven restoration and lingering geopolitical dangers.
“We anticipate renewed weak spot within the first half as slower world development curtails exercise in Singapore’s export-oriented economic system,” stated Shivaan Tandon, economist at Capital Economics. “However development ought to decide up extra sustainably from the second half of the 12 months.”
