‘Swift Effect’ Singapore "GDP Increased by 0.2%P"
Exclusive Contract for Swift Concert
Experts have analyzed that hosting a concert by global pop star Taylor Swift will increase Singapore's first-quarter Gross Domestic Product (GDP) growth rate by 0.2 percentage points.
According to local media CNA on the 12th, DBS Bank economist Chua Han Teng estimated that Swift's concert would generate an economic value of about 300 to 400 million Singapore dollars (approximately 295 billion to 395 billion KRW) for Singapore's economy in the first quarter. This is expected to raise Singapore's first-quarter GDP growth rate by 0.2 percentage points.
![[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2024022215352472592_1708583724.jpg)
He explained, "The Swift concert will benefit Singapore's accommodation, food and beverage, and retail sectors," adding, "Concerts by major stars like Swift attract fans from all over the world." In fact, the tourism industry in Singapore has greatly enjoyed the so-called 'Swift effect,' with hotel and airline demand increasing by up to 30% due to fans flocking from neighboring countries. The 'Swift effect' refers to the significant economic ripple effect caused by Swift wherever she goes.
Economists have reflected the 'Swift effect' by revising Singapore's GDP growth forecast upward from the previous 2.3% to 2.5%. HSBC economist Yun Liu projected Singapore's first-quarter growth rate to be 3.3% year-on-year. The median forecast for Singapore's first-quarter growth rate compiled by Bloomberg is 2.9%, the highest in six quarters. Last year, Singapore's economic growth rate was recorded at 1.1%.
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Meanwhile, Swift, who is currently on her world tour, held six concerts at the Singapore National Stadium from the 2nd to the 9th. This was thanks to Singapore securing the exclusive Southeast Asia concert contract for Swift. Regarding this, Thai Prime Minister Srettha Thavisin claimed that the Singapore government paid subsidies to AEG, the concert organizer, for the exclusive Southeast Asia performance rights, sparking controversy.
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