TopNews.in, 28 Sep 2008, Keval Sharma
Singapore - Singapore is counting on the acclaim emanating from the first Grand Prix under lights to brighten the gloom hovering over its tourism industry.
With 40,000 overseas visitors on shopping sprees, many sporting team T-shirts and caps, Orchard Road retailers were basking in a three-day bonanza from Friday through Sunday.
In contrast, managers of other shopping centres near roads blocked off for the race stared down almost empty aisles.
Assurances of intangible benefits to the city-state brought little consolation. "It's so quiet," said a supermarket staff member. "There are usually four times more people on weekends."
Economists cautioned against expectations that the F1 race will will boost the slowing economy. Initial estimates are likely to be pared lower amid the dismal global economic outlook, said Alvin Liew, Standard Chartered Bank economist.
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