Economists have revised their growth forecasts for Singapore’s economy, partially crediting the economic boost from Taylor Swift’s six concerts during her Eras Tour. The country’s GDP is estimated to have grown 2.9% in the first quarter of 2024, the fastest pace in six quarters, according to a Bloomberg survey. Analysts have also raised the annual GDP forecast to 2.5%, up from 2.3%, moving towards the higher end of the government’s prediction of 1%-3% growth for the year.

DBS economist Han Teng Chua estimates that the concert series has added S$300 million to S$400 million to Singapore’s economy in Q1 2024. The influx of overseas fans has boosted sectors such as hospitality, retail, and food and beverage.

However, economists caution that Singapore’s trade-dependent economy still faces challenges from global factors such as tight interest rates, China’s slow recovery, and geopolitical uncertainties. While growth is expected to weaken in the first half of the year, experts predict a more sustainable economic recovery in the second half.