In 2024, Singapore's tourism sector saw remarkable growth, with international arrivals increasing by 21.5% compared to the previous year.

This surge was bolstered by major events such as concerts by Taylor Swift and Coldplay, along with the Formula 1 Singapore Grand Prix, which significantly boosted tourism numbers.

Positioned as a key entertainment tourism destination, Singapore is set to host more major events, including Lady Gaga's concert in 2025.

The hospitality industry also benefited from this growth, recording a 3.0% rise in revenue per available room (RevPAR), driven by strong demand.

However, visitor numbers from key markets like China and Indonesia have not yet returned to pre-pandemic levels, indicating room for further recovery.

Looking ahead, Singapore aims to attract between 17 million and 18.5 million international visitors in 2025, with projected tourism receipts of SGD29 billion to SGD30.5 billion.

To support this growth, significant infrastructure developments are underway, including the expansion of Resorts World Sentosa and the construction of Changi Airport's Terminal 5.

Additionally, major transport projects like the North-South Corridor and various MRT line expansions are set to enhance connectivity and urban development.

Despite these advancements, inflation in Singapore was recorded at 2.4% in 2024, with expectations of a decrease to 1.9% in 2025, reflecting effective inflation management.

Singapore's GDP growth surged to 3.8% in 2024, with projections stabilizing between 2.4% and 2.6% annually from 2025 to 2029, supported by strong domestic demand and global trade.

However, the Singapore dollar is expected to weaken against major currencies in 2025 due to recent policy adjustments and global economic pressures.

The MICE industry also made a strong recovery in 2023, attracting over 950,000 visitors, aided by initiatives focusing on sustainable event management.