The financial impact of Swift’s concerts has been in focus since it was revealed that Singapore provided a grant for the singer- songwriter to do these, recognising the economical benefits it may bring.
The authorities did not reveal the size of the award given but Minister for Culture, Community and Youth Edwin Tong said on Mar 1 that it was “nowhere as great” as studies have suggested.
CNA understands that the figure is closer to US$ 2 million to US$ 3 million for all six displays, rather than that number per show, which Thai Prime Minister Srettha Thavisin cited.
According to one expert, Swift’s concerts in Singapore could generate revenue that possibly exceeds the estimated A$ 1.2 billion ( US$ 787 million ) in economic value from her time in Melbourne, where she had three shows.
Her four days of shows in Tokyo earlier this year are expected to generate up to , 34.1 billion yen ( US$ 226.8 million ), according to , Mitsumasa Etou, a representative of research site Economic Effects NET and a part- time lecturer at Tokyo City University.
Despite the upgraded forecast for Singapore’s primary- quarter growth, economists surveyed by Bloomberg cautioned that the outlook remains delicate for the trade- rely economy amid limited global interest rates.
The Monetary Authority of Singapore and the Ministry of Trade and Industry said next month that upside risks to prices remain. These include new shocks to international energy and transport costs due to political conflicts and higher meals commodity prices from severe weather events.