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Taylor Swift and Coldplay concerts may have saved Singapore’s economy from shrinking last quarter
Lionel LimThu, 23 May 2024 at 4:35 pm SGT3-min read
Ashok Kumar—TAS24/Getty Images for TAS Rights Management
‘Swiftonomics’ could have helped drag Singapore’s economy across the finish line. The Southeast Asian country banked on several high-profile events—most notably superstar Taylor Swift—to jumpstart tourism spending.
On Thursday, Singapore’s government unveiled the country’s GDP growth numbers for the first quarter of the year, giving an initial indication of whether the strategy paid off.
In the first three months of the year, the city-state’s economy grew just 0.1% quarter-on-quarter, much slower than the 1.2% growth reported for Q4 2023.