Experts believe Singapore has arrived at “safe harbours” and will see further acceleration to its gross domestic product in 1H24.
“The upside risks to 1Q24 GDP growth will stem from Taylor Swift’s March concerts , which are estimated to add an estimated S$350 to S$500 million of tourism receipts, whilst additional tourism revenue can be expected from the recently concluded Bruno Mars concerts ,” Gan said. Gan warned that the downside of Singapore's GDP growth acceleration could stem from inflationary pressures.
“We maintain the view that Singapore’s imported inflation will likely pick up in 2Q24 on the back of higher commodity prices in the months ahead,” Gan added.
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