Execution time2024-03-12 13:34
Economist analysis… A special attraction for the tourism industry with unique performances in Southeast Asia
Taylor Swift fans visit a Singapore concert hall
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(Bangkok = Yonhap News) Reporter Jong-Hoon Kang = Analysis has shown that Singapore’s first quarter gross domestic product (GDP) growth rate will increase by 0.2 percentage points (p) due to hosting a concert by American pop star Taylor Swift.
According to local media CNA on the 12th, DBS Bank economist Chua Han Teng estimated that Swift’s performance will add about 300 million to 400 million Singapore dollars (about 295.6 billion to 394.1 billion won) to the Singapore economy in the first quarter.
This is equivalent to increasing the GDP growth rate in the first quarter by 0.2 percentage points.
He said Singapore’s accommodation, food and beverage and retail sectors will benefit from Swift’s performance, adding, “It’s performances by superstars like Swift that attract fans from all over the world.”
Swift, who is currently on a world tour, performed six times at the Singapore National Stadium from the 2nd to the 9th.
During this world tour, there will be only one performance in Singapore in Southeast Asia.
Controversy arose when Thai Prime Minister Theta Tawisin claimed that the Singaporean government had paid subsidies to AEG, the concert organizer, in exchange for exclusive performances in Southeast Asia.
The Prime Minister of Singapore, Lee Hsien Loong, admitted that he had signed an exclusive agreement to host performances in Southeast Asia.
Edwin Tong, Singapore’s Minister of Culture, Community and Youth, emphasized that the economic benefits of hosting Swift’s performance far exceeded the amount of subsidies paid.
In fact, Singapore’s tourism industry was enjoying a so-called ‘Knowledge Effect’, with demand for hotels and flights increasing by up to 30% as fans flocked from neighboring countries.
The ‘quick impact’ is an expression that emphasizes Swift’s influence, which causes huge economic effects ranging from tens of billions of earnings to hundreds of billions of earnings wherever he goes.
Economists are revising Singapore’s GDP growth forecast upwards to reflect the effects of Swift’s performance.
The median growth forecast for Singapore’s first quarter compiled by Bloomberg is 2.9%, the highest in six quarters.
HSBC economist Yun Liu predicted that Singapore’s first quarter growth rate would be 3.3% compared to the same period last year and said, “The emerging ‘music tourism’ will benefit industries that’ n related to travel.”
Economists also raised Singapore’s annual growth forecast from 2.3% to 2.5%.
Last year, Singapore’s economic growth rate was 1.1%.
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2024/03/12 13:34 Sent
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