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1、THE ECONOMIC IMPACT OF GRAB IN SINGAPOREJANUARY 20251The Economic Impact of Grab in SingaporeTABLE OFCONTENTSExecutive summary1.Grab in Singapore2.Grabs economic impact in Singapore2.1 Total economic impact of Grabs on-demand services2.2 Pillar 1:Grabs operations2.3 Pillar 2:Merchant-partners2.4 Pil

2、lar 3:Driver-partners3.Wider impacts of Grabs activity4.Conclusion5.Technical appendix26101112131416202223The Economic Impactof Grab in SingaporeThe Economic Impactof Grab in SingaporeSince its establishment in 2012,Grab has rapidly evolved into a cornerstone of Singapores digital economy,catalysing

3、 innovation and transforming the daily lives of millions of citizens through its“super-app”.Leveraging advanced technology and data science,Grab offers a diverse range of services that span on-demand mobility,food and grocery deliveries,parcel services,and financial solutions.This broad spectrum of

4、services has redefined convenience for millions of users,whilst fostering digital inclusion and earning opportunities for its many driver-partners and merchant-partners.Grabs platform not only improves accessibility to goods and services for consumers,but also enhances operational efficiency for bus

5、inesses and creates new livelihood opportunities for its driver-partners.It plays an important role as an economic enabler,providing digital tools to empower individuals and small enterprises alike.This report explores Grabs economic contribution to the Singaporean economy,focusing on its impact on

6、gross domestic product(GDP)and the earning opportunities it creates.Through analysis of three key pillarsGrabs own operations,its merchant-partners,and its driver-partnerswe assess the full scope of Grabs influence on Singapores economy.CONTRIBUTING S$5.2 BILLION TO SINGAPORES GDP,SUPPORTING 117,000

7、 EARNING OPPORTUNITIESGrabs on-demand services,namely its ride-hailing and delivery services,facilitated a total economic contribution worth S$5.2 billion to the Singaporean economy in 2023,equivalent to around 0.8%of Singapores GDP.This economic activity supported jobs throughout Singapores economy

8、 and created earning opportunities for a large population of driver-partners.In total,this activity supported 117,000 earning opportunities across Singapore in 2023.Moreover,we estimate that earning opportunities supported by the Grab app generated S$2.5 billion in household income in 2023.For every

9、 employee hired by Grab,an extra six workers were supported in other parts of the Singaporean economy.Every S$10 of GDP generated by transactions on the Grab platform for on-demand services,leads to further economic activity worth S$6 of GDP across the rest of the Singaporean economy.This total econ

10、omic impact includes:Grabs own operations in Singapore,which supported an economic contribution of S$1.2 billion to Singapores GDP in 2023.Grabs merchant-partners,which contributed an estimated S$0.9 billion to Singapores GDP.Nearly half of this impact is directly attributable to merchant-partners p

11、rofits and wages,derived from their sales on GrabFood and GrabMart.The other half is generated in their supply chains and through the induced wage expenditure of workers employed by the merchant-partners or in their supply chains.Grabs driver-partners,who contributed approximately S$3.1 billion to S

12、ingapores GDP in 2023.Bulk of this impact is directly attributable to the income they earn via the platform,which further supports activity in the wider economy.These three pillars also supported economic activity and employment across Singapores supply chains.The sectors benefitting most from the s

13、upply chain impacts of these on-demand services were the finance and insurance,professional services,real estate,and the wholesale and retail sectors.3 This multiplier is derived by taking the sum of the indirect and induced full-time equivalent employment across the supply chains of Grab,the mercha

14、nt-partners,and the driver-partners,as a ratio of the number of employees directly employed by Grab.4 This multiplier is derived by taking the sum of the indirect and induced GDP impacts across the supply chains of Grab,the merchant-partners,and the driver-partners,as a ratio of the sum of their dir

15、ect GDP impact.1 Earning opportunities include the full-time equivalent jobs directly supported by Grabs operations and its merchant-partners,as well as the average number of active driver-partners who earned on the Grab platform at least once a month in 2023.It also includes the full-time equivalen

16、t jobs supported in the combined supply chains of Grab,its merchant-partners,and its driver-partners.2 These impacts should not be construed as describing a contractual form of employment between Grab and its partners,nor does it imply that Grab partners are considered employees of Grab under prevai

17、ling labour laws.EXECUTIVESUMMARYS$2.5bnTotal contribution to household income in Singapore in 2023.S$5.2bnTotal contribution to Singapores GDPin 2023.117,000Total earning opportunities supportedin Singapore in 2023.4The Economic Impact of Grab in SingaporeDRIVING SOCIO-ECONOMIC IMPACT THROUGH A SUP

18、ER-APP As a multi-sided platform that supports various stakeholders,Grab generates far-reaching socio-economic benefits that extend beyond the direct economic contributions quantified in this study.By offering merchant-and driver-partners access to the digital economy,Grab creates new pathways for i

19、ncome generation and economic participation.For driver-partners,the platform often offers a vital source of supplemental income and financial stability.This bridges gaps in earnings or work,especially for older individualsnearly six in 10 of Grabs driver-partners in Singapore are aged 45 and above.F

20、urthermore,Grabs innovative technologies enable driver-partners to optimise their time and productivity,and therefore maximise their earning potential.Similarly,merchant-partners benefit from the platforms reach,gaining access to Singapores digitally savvy consumers.This is especially true for micro

21、-,small-,and medium-sized enterprises(MSMEs),which gain opportunities to expand their businesses online.Around two-thirds of GrabFood merchants and nearly eight in 10 GrabMart merchants are MSMEs.Grabs leading position in Southeast Asia uniquely positions it to be a key driver of growth for local en

22、terprises and gig workers,reinforcing its role as a catalyst for economic empowerment and inclusion in the broader Singaporean economy.Nearly six in 10of Grabs driver-partnersin Singapore are aged45 and above.Around two-thirdsof GrabFood merchantsare MSMEs.Nearly eight in 10GrabMart merchantsare MSM

23、Es.5 Based on Grabs proprietary data.7The Economic Impact of Grab in SingaporeThe Economic Impact of Grab in SingaporeAfter entering the market in 2012,Grab quickly established itself as one of the leading enablers of Southeast Asias digital economy.Grab played a central role in digitalising the poi

24、nt-to-point transport industry;its user-centric,flexible,and cashless approach to urban mobility led to an elevation of service standards and a modernisation of the wider urban transport ecosystem.This supported wider efficiency gains for the urban economy over the last decade.The apps growth has al

25、so provided broader socio-economic benefits to the many partners serving the platform as merchants and as drivers,who have gained access to earning opportunities within Singapores digital economy.Grabs“super-app”has become a part of daily life for many individuals.The platform,which serves over 40 m

26、illion users,offers a diverse range of servicesincluding ride-hailing,food,grocery and parcel delivery,and financial servicesacross more than 500 cities in eight Southeast Asian markets.At the heart of its success is Singapore,home to the companys headquarters and its largest research and developmen

27、t(R&D)centre.In this report,we analyse Grabs economic contribution in Singapore,via its core,on-demand service delivery business,which include ride-hailing and food and grocery delivery.Our economic impact analysis encompasses three key pillars:i)Grabs own Singapore operations,ii)its merchant-partne

28、rs that sell through the platform,and iii)its network of driver-partners who earn an income through Grabs ride-hailing and delivery services.For each of these aspects,we estimate Grabs economic contribution to GDP as the sum of its direct,indirect,and induced impacts,as illustrated in Fig.1.In the s

29、ubsequent chapter,we explore each of these aspects in further detail.1.GRAB IN SINGAPORE6 According to Grabs Annual Report 2023,these two segments accounted for 87%of Grabs revenue in 2023.7 Grabs activities across its financial services,enterprises,and new initiatives segments are not included in t

30、his study.Driver-partners in this study refers to the number of unique individuals who drove 2-wheelers or 4-wheelers and earned on the Grab platform at least once a month in 2023.Fig.1.Economic impact ofGrabs on-demand services WHEN CUSTOMERS MAKE TRANSACTIONS ON THE GRAB APP,THIS GENERATES ACTIVIT

31、Y ACROSS THREE KEY PILLARS:2)Grabs own operations 2)Merchant-partners on Grabs platform,and 3)Grabs driver-partners.Grabs operationsin Singapore constitutevarious business entities,its headquarters,and its largest R&Dcentre,which contributeto national GDP andemploy staf locally.GRABSOPERATIONS ACTIV

32、ITIES IN EACH OF THESE THREE PILLARS GENERATE ECONOMIC IMPACT Grab,merchant-partners,and driver-partners spend money on supplies and other services,which constitutes the indirect economic impact.This spending creates ripple efects throughout the domestic supply chain.e.g.,Grab procures technology re

33、lated to payment processing for its app.e.g.,Merchant-partners purchase food ingredients for cooking.e.g.,Driver-partners spend on fuel and repairs to ensure their vehicles run well.Taken together,these activities constitute Grabstotal economic contribution to Singapore.Workers across the three pill

34、ars and their respective supply chains spend a portion of their earnings in the consumer economy,which stimulates further economic activity.Spending byGrabs employeesSpending by stafof merchant-partnersSpending bydriver-partners1231abc23Spending by other workers employed by businesses across their s

35、upply chainsINDIRECT ECONOMIC IMPACTINDUCED ECONOMIC IMPACTGrab earns a commission on ride-hailing and delivery orders facilitated through its platform and pays wages to its employees.Driver-partners earn income by fulfilling ride-hailing bookings and/or delivery orders generated through the Grab pl

36、atform.Driver-partnersaccess work throughthe Grab app,deliveringfood,groceries,and parcels,orproviding mobilityservices to the community.DRIVER-PARTNERSRestaurants,convenience stores,and other retail outlets selltheir goods and services viathe Grab app,reachingnew customers that theywould otherwise

37、nothave ready access to.MERCHANT-PARTNERSDIRECT ECONOMIC IMPACTGRABSOPERATIONS DRIVER-PARTNERSMerchant-partners earn margins on the goods they sell through Grab,which helps support their employees.MERCHANT-PARTNERSProfits,wages,and taxes generated via the three pillars of revenue represent the direc

38、t economic impact.The Economic Impact of Grab in SingaporeThe Economic Impact of Grab in Singapore98The Economic Impact of Grab in Singapore11The Economic Impact of Grab in SingaporeWe estimate that Grabs on-demand services supported an economic contribution worth S$5.2 billion to Singapores gross d

39、omestic product(GDP)in 2023.This is equivalent to around 0.8%of Singapores nominal GDP in 2023(Fig.2).Every S$10 of GDP generated by transactions on the Grab platform for on-demand services,leads to further economic activity worth$6 of GDP across the rest of the economy.The same activity supported 1

40、17,000 earning opportunities across Singapore in 2023.For every employee hired by Grab,an extra six workers were supported in other parts of the Singaporean economy.In this report,we define earnings opportunities to include:i.full-time equivalent(FTE)jobs associated directly with Grab and its mercha

41、nt-partners,and the FTE jobs supported in the combined supply chains of Grab,its merchant-partners,and its driver-partners.We estimate that the jobs supported by Grabs on-demand service delivery in Singapore account for 1.1%of the total employment of five critical and closely related sectors:the inf

42、ormation and communications,food services,retail,transport,and business and professional services sectors.ii.the large population of driver-partners who gain earning opportunities from their activities on the Grab platform.Taken together,the earning opportunities supported by Grab made a S$2.5 billi

43、on contribution to the countrys household income in 2023.2.GRABS ECONOMIC IMPACT IN SINGAPORESource:Oxford Economics,GrabTotal may not sum due to roundingFig.2.Contribution of Grabs on-demand services to gross value-added(GVA)in Singapore8 This multiplier is derived by taking the sum of the indirect

44、 and induced GDP impacts across the supply chains of Grab,the merchant-partners,and the driver-partners,as a ratio of the sum of their direct GDP impact.9 This multiplier is derived by taking the indirect and induced full-time equivalent employment across the supply chains of Grab,the merchant-partn

45、ers,and the driver-partners,as a ratio of the number of employees directly employed by Grab.10 The jobs associated directly with Grab include the jobs in Grabs regional functions based in Singapore,which largely support Grabs on-demand service business and headquarter operations.11 Estimates of Full

46、-Time Equivalent employees converts full-time and part-time workers into a standardised unit based on hours worked.This adjustment is described in the Technical Appendix.12 These sectors are the main sectors that are more closely related to the on-demand service business in Singapore.13 The househol

47、d income contribution measures the wages that Grabs on-demand services support across all three pillars(Grabs operations,merchant-partners,and driver-partners)and their associated supply chains.This was based on proprietary data provided by Grab of its own operations,revenues of merchants,and earnin

48、gs of driver-partners in 2023.1.20.93.15.2Grabs ownoperationsMerchant-partnerssupportedon GrabDriver-partnerswho earnan incomevia GrabTotal0.01.02.03.04.05.06.0Gross value-added,S$billions2.1 TOTAL ECONOMIC IMPACT OF GRABS ON-DEMAND SERVICES13The Economic Impact of Grab in SingaporeThe Economic Impa

49、ct of Grab in Singapore1225%14%14%14%12%4%3%3%2%2%1%7%Real estate activitiesWholesale and retail trade;repair of motor vehiclesFinancial and insurance activitiesFood manufacturingBusiness and professional servicesTransportation and storageElectricity,gas,water supply,sewerage,waste and remediation s

50、ervices ConstructionArts,entertainment,recreation and other service activitiesTelecommunicationsAccommodation and food servicesOthers0%10%20%30%Indirect impact of merchant-partners(%)in SingaporeIndirect GVAInduced19%Indirect10%Direct71%share2.2 PILLAR 1:GRABS OPERATIONSAt the core of Grabs economic

51、 footprint is the companys own operations in its Singapore headquarters.Grabs operations made a total economic contribution of S$1.2 billion to Singapores GDP in 2023.More than 70%of this GDP contribution(S$0.8 billion)was directly driven by the profits,wages,and taxes generated by the Grab operatio

52、ns in Singapore(Fig.3).Further to that direct impact,Grabs operations depend on a significant Singapore-based supply chain,stretching across a diverse range of local suppliers.Businesses in the financial and real estate sectors provide a large share of the supply chain inputs to those operations,fol

53、lowed by business and professional services,transport equipment,computer products,and wholesale and retail(Fig.4).The companys spending with these local providers generates profits for local businesses,who also procure goods and services from their own suppliers,in turn stimulating further rounds of

54、 economic activity.This local procurement activity,referred to as the indirect economic impact of Grabs Singapore operations,accounted for around S$0.1 billion of GDP impact10%of its total contribution(Fig.3).The many workers that relied on Grabs operations for an income in 2023 went on to create an

55、 induced impact on the wider economy worth S$0.2 billion.Source:Oxford Economics,GrabSource:Oxford Economics,GrabTotal may not sum due to rounding14 This represents the economic impact of Grabs operations in their on-demand service business,which covers only ride-hailing and deliveries.Other busines

56、s segments such as financial services,enterprises,and new initiatives were not factored in the analysis.15 This sector is comprised of companies that offer a variety of technical services such as legal advice,marketing,engineering,and accounting services,as well as administrative and support service

57、s.Fig.3.Grab operations contribution to GVA in Singapore,by channels of impact,2023Fig.4.Grab operations indirect impact on GVA in Singapore,by sectors,202329%26%14%7%7%4%1%11%Financial and insurance activitiesReal estate activitiesBusiness and professional servicesOther transport equipmentComputer,

58、electronic and optical productsWholesale and retail trade;repair of motor vehiclesMotor vehicles,trailers and semi-trailersOthers0%5%10%15%20%25%30%Indirect impact of Grab operations(%)in SingaporeIndirect GVA2.3 PILLAR 2:MERCHANT-PARTNERSGrabs merchant-partners contributed an estimated S$0.9 billio

59、n to Singapores GDP in 2023,flowing from the sales they made through GrabFood and GrabMart,within the Grab app.More than half of the total economic footprint of Grabs merchant-partners in Singapore was derived from their direct contribution to GDP,totalling S$0.5 billion in 2023.Fig.5.Merchant-partn

60、ers contribution to GVA in Singapore,by channels of impact,2023Grabs merchant-partners also stimulated an indirect economic impact worth S$0.3 billion in 2023,nearly a third of the impact of this pillar(Fig.5).These merchant-partners engage with large and diverse Singapore-based supply chains to mee

61、t demand for the goods and services they sell through the app.That impact extends predominantly into real estate,wholesale and retail trade,financial and insurance services,and food manufacturing sectors.It also supports activity more diversely across the business and professional services,transport

62、ation and storage,construction,and accommodation and food services sectors(Fig.6).Our analysis indicates that Grabs merchant-partners also contributed an induced economic impact worth S$0.2 billion to Singapores GDP in 2023.Source:Oxford Economics,Grab Source:Oxford Economics,GrabTotal may not sum d

63、ue to roundingFig.6.Merchant-partners indirect impact on GVA in Singapore,by sectors,2023%shareInduced17%Indirect32%Direct51%The Economic Impact of Grab in Singapore142.4 PILLAR 3:DRIVER-PARTNERSGrabs platform provides earning opportunities for a large number of driver-partners,who account for the l

64、ions share of the companys total economic impact.The earning opportunities driver-partners gain from working on the Grab platform enabled them to contribute approximately S$3.1 billion to Singapores GDP in 2023.Grabs driver-partners also create an indirect economic impact of their own,by spending on

65、 goods and services to sustain their activity.More than half of this impact(58%)was concentrated in the wholesale and retail sector,largely due to spending on vehicle repairs,maintenance,and parts.This is followed by a large portion(27%)in financial and insurance services,which accounts for the driv

66、er-partners expenditure on vehicle insurance(Fig.7).Our analysis also shows that the induced impact of driver-partners activities on the Grab platform contributed S$0.9 billion to Singapores GDP in 2023.This induced impact is derived from the spending of driver-partners individual earnings and of th

67、e wages of workers in their supply chain.It accounts for close to a third of the total impact for this pillar,demonstrating the significant downstream economic impact of providing earning opportunities for driver-partners through the Grab platform.Source:Oxford Economics,GrabTotal may not sum due to

68、 rounding16 The GDP impact of driver-partners includes their earnings,as well as the spending supported in the wider economy through their purchase of goods and services.This includes expenses to maintain their vehicles,such as fuel and maintenance(i.e.,indirect impact),and purchases in the consumer

69、 economy(i.e.induced impact).17 The wholesale and retail sector also includes the repair of motor vehicles and motorcycles.Fig.7.Driver-partners indirect impact on GVA in Singapore,by sectors,2023Indirect GVA58%27%4%4%1%6%Wholesale and retail trade;repair of motor vehiclesFinancial and insurance act

70、ivitiesReal estate activitiesBusiness and professional servicesTransportation and storageOthers0%10%20%30%40%50%60%70%Indirect impact of driver-partners(%)in Singapore3.WIDER IMPACTS OFGRABS ACTIVITY17The Economic Impact of Grab in Singapore18 Based on Grabs proprietary data.19 Mathew Mathews et al.

71、,“Precarity in platform work:A study of private-hire car drivers and food delivery riders.”,2022.The Institute of Policy Studies,Lee Kuan Yew School of Public Policy.20 Grab,“How does Grab match trips and orders to driver and delivery-partners?”,2022.21 Channel News Asia,“How Grab collaborates with

72、driver-partners to elevate their driving experience”,2023.Grab is recognised as a large and influential player in the regions digital economy.Our economic footprint analysis has demonstrated how large the platforms economic footprint has become in little over a decade since it first arrived in Singa

73、pore.Beyond the direct economic contributions,Grabs on-demand services have also generated far-reaching positive socio-economic impacts to Singapore,through the opportunities it has provided to its large network of driver-and merchant-partners.In this chapter,we explore how joining the platform has

74、benefitted those partners beyond what is illustrated by Grabs economic footprint statistics.Many driver-partners use the Grab platform to supplement their income,gaining a degree of financial stability.This is particularly important for older individualsnearly six in 10 of Grabs driver-partners in S

75、ingapore are aged 45 and above.For these individuals,Grab represents a vital opportunity to bridge gaps in their employment,and can also provide a lifeline for workers struggling to attain traditional work.A 2022 study by the Institute of Policy Studies in Singapore found that nearly half(48%)of pri

76、vate hire and delivery drivers aged 50 and above took up driving because they found it difficult to find other jobs.Through the app,driver-partners can maximise their earnings and make more productive use of their time.Grabs innovations in allocation algorithms and driver features enable driver-part

77、ners to complete more ride or delivery opportunities when they are on the app.Driver-partners can access Grabs in-house technologies such as the Auto Accept feature,which reduces the risk of missed opportunities and idle time on the road.Furthermore,the Heatmap and Hotspot Navigation tools that dire

78、ct driver-partners to places of high demand,have increased efficiency for driver-partners,enabling them to access more work and in turn,greater earnings.Nearly six in 10of Grabs driver-partnersin Singapore are aged45 and above.19The Economic Impact of Grab in SingaporeFor merchant-partners,the platf

79、orm helps create an online presence.This enables small enterprises to gain visibility and access a broader customer base.Micro-,small-,and medium-sized enterprises(MSMEs)make up 63%of GrabFood merchants and 77%of GrabMart merchants in Singapore.To further support these businesses,Grab introduced Mar

80、keting Manager,a self-serve digital advertising tool designed specifically with small businesses in mind.This tool allows MSMEs to easily create and manage their own promotions,improving visibility and driving sales,with the flexibility to adjust campaigns in real-time via Grabs app.Over 90%of merch

81、ant-partners have made use of the app to run their advertising campaigns and manage their business.Additionally,Grab launched the Grab Merchant Centre in Singapore,a dedicated physical space where MSMEs receive personalised support,business insights,and training to enhance their online and offline r

82、etail presence.Through these initiatives,Grab aims to empower small businesses with the latest innovations and digital technologies to thrive in the competitive digital economy.The platform also enables businesses to expand their operations,boost sales,and reduce traditional overhead costs.According

83、 to a 2019 study by the OECD,online platforms are crucial in reducing the transaction costs and logistics costs for businesses as well as improving customer management for small and medium enterprises.Grabs online order system and delivery services are a vehicle for merchant-partners to potentially

84、maximise their sales while managing costs and growing their businessoutside the Grab platform as well as within it.Additionally,Grab offers access to microloans tailored to driver-partners and small merchants across its markets.Using its proprietary credit scoring model,Grab assesses driver-partners

85、 and entrepreneurs earnings to determine their creditworthiness,thus enabling Grab to offer fractionalised loans to individuals across Southeast Asia.This supports individuals in these markets who often struggle to secure financing from traditional lenders.As noted by a recent World Bank publication

86、,access to the formal financial system and appropriate credit can potentially facilitate investments in education and business opportunities,which in turn improves productivity and boosts economic growth.The economic impact analysis in this study only refers to the earnings made by Grab driver-partn

87、ers and merchant-partners via sales on the Grab app.But drivers and merchants operating via the app have the flexibility to operate across multiple platforms,meaning that they actually account for an even larger total economic impact from the on-demand service sector in Singapore.22 Based on Grabs p

88、roprietary data.23 Grab,“How we made marketing solutions affordable and low-risk for small businesses”,2024.24 Grab,“Grab Merchant Centres new physical space was designed to help small and medium businesses grow digitally”,2023.25 OECD Publishing,Paris,“An Introduction to Online Platforms and Their

89、Role in the Digital Transformation”,OECD 2019.26 Dorothe Singer et al.,“Financial Inclusion and Inclusive Growth:A Review of Recent Empirical Evidence”,2017.Around two-thirdsof GrabFood merchantsare MSMEs.Nearly eight in 10GrabMart merchantsare MSMEs.4.CONCLUSION21The Economic Impact of Grab in Sing

90、aporeThe Grab“super-app”has played an important role in fostering digital inclusion and empowering small businesses to thrive in Singapores digital economy.In 2023,Grabs on-demand service ecosystem contributed S$5.2 billion to Singapores GDP,while supporting 117,000 earning opportunities and a S$2.5

91、 billion contribution to household income.Beyond these economic contributions,the platform delivers broader socio-economic benefits.Merchant-partners gain access to digital tools such as online order systems,marketing support,and delivery services.Driver-partners enjoy flexible work opportunities,an

92、d consumers benefit from the convenience of accessing a wider range of services through a single app.Grabs large network of customers and service partners offer the potential to drive further innovation in Singapore,tailored to local needs.By continuing to enhance connectivity and create opportuniti

93、es for small businesses,Grab is well-positioned to continue its role as a catalyst for growth in the digital economy.23The Economic Impact of Grab in SingaporeThe Economic Impact of Grab in Singapore226.TECHNICAL APPENDIXDIRECT IMPACTOur bespoke modelling approach is adapted for the idiosyncrasies o

94、f each pillar,leveraging the data provided by Grab to estimate the direct impacts.Grabs operations:We estimate the direct GDP contribution from Grabs operations as the sum of Grabs EBITDA,wages paid to employees,and taxes incurred(i.e.,using the income approach).The direct employment impact refers t

95、o the number of full-time and part-time employees hired by Grab,adjusted to a full-time equivalent headcount estimate.For this,a full-time equivalent adjustment ratio,derived from labour hours data provided by the Ministry of Manpowers Comprehensive Labour Force Survey,is applied to convert the part

96、-time employees into a full-time adjusted estimate.The direct household income contribution from Grabs operations is also estimated from Grabs gross employment costs for employees based in Singapore,excluding the taxes paid by employees.These tax payments are based on the OECDs estimates of the tax

97、wedge(i.e.,the difference between the before-tax and after-tax wages)in Singapore.Driver-partners:We estimate the direct GDP contribution of driver-partners from their net earnings,which exclude operational expenses like fuel,maintenance,depreciation,and insurance.The fixed costs incurred by the dri

98、ver-partners,such as the cost of smartphone and vehicle ownership,are not considered.We assume such fixed costs are not specific to their activities on the Grab platform,as they are not incurred solely due to their work as a Grab driver-partner.To estimate the total expenses,we applied a cost per ki

99、lometre for each type of driving expense to the total ride distance travelled by the driver-partners.This was based on the cost estimates from the American Automobile Association which were adjusted for Singapore.Merchant-partners:We estimate the direct GDP,employment,and household income contributi

100、ons of Grabs merchant-partners based on the sales data obtained from Grab,combined with industry ratios from Oxford Economics proprietary Global Economic Impact Model(GEIM).This is a bespoke inter-country Input-Output model covering 185 countries across the world and can estimate the direct impact o

101、f merchant-partners activities using gross output.We distributed the total sales by merchant-partners between retail(GrabMart)and food and beverage(GrabFood)segments,based on Grabs revenue share from each segment.Data for the retail segment were then combined with data from national and OECD supply-

102、use tables to derive the gross output accruing to domestic producers,wholesalers,and retailers.The gross output from GrabMart merchant-partners were then mapped to the food manufacturing industry and the wholesale and retail industry respectively.Meanwhile for the food and beverage segment,total sal

103、es are assumed to represent total output as the food and beverage inputs tend to be processed into their final form.The gross output by GrabFood merchant-partners was allocated to the food services industry.These gross output values for each industry were combined with its corresponding industry rat

104、ios from the OECD input-output table within Oxford Economics GEIM.This determines the direct gross value-added,employment,and income contributions of merchant-partners.QUANTIFYING THE ECONOMIC IMPACT OF GRAB IN SINGAPOREThis technical annex explains the modelling approach and assumptions used to qua

105、ntify the economic impact of Grabs on-demand services in Singapore in 2023.This covers the core on-demand service segments across three pillarsGrabs own operations,merchant-partners,and driver-partners.Grabs total economic impact is the sum of the impact of each of the three pillars.It is estimated

106、based on proprietary and confidential data provided by Grab,and secondary data from sources such as official national statistics and industry reports.In the sections below,we elaborate on the inputs used in our modelling.DATA INPUTS PROVIDED BY GRABGrab facilitated the analysis by sharing data for i

107、ts own operations,merchant-partners,and driver-partners in Singapore in 2023.For its own operations,we obtained data on Grabs revenue,earnings before interest,taxes,depreciation,and amortisation(EBITDA),procurement spending,and employment metrics such as number of employees and employment costs for

108、activities associated with the on-demand service segments.This employment contribution encompasses regional functions based in Singapore across its on-demand service segments,which also contribute to its activities in Singapore.For merchant-partners,we received data on the total sales on the platfor

109、m for food and beverage and groceries.For driver-partners,we received data on the total earnings of driver-partners made through the platform,as well as the headcount of monthly active driver-partners and the total ride distance in 2023 to facilitate our estimation of the driver-partners operating e

110、xpenses.29 American Automobile Association,“Your Driving Costs”,2023.30 The ratios used included gross value-added against gross output ratios,gross value-added per worker,and compensation of employees against gross value-added.These ratios are based on the latest 2023 national statistics for Singap

111、ore.27 Grabs on-demand services include GrabRides,GrabFood,GrabMart,and GrabExpress.This does not include financial services.28 The procurement data received from Grab include both their operating and capital expenditure.25The Economic Impact of Grab in SingaporeThe Economic Impact of Grab in Singap

112、ore24CALCULATION OF MULTIPLIERSTaking the indirect and induced GDP impacts together as a ratio of the direct GDP impact,we calculate multipliers to estimate the additional value-added to the economy from the activities supported by the Grab platform(Fig.8).The differences in the multipliers across e

113、ach pillar reflect the nature of the activities and the nature of the supply chain linkages for those sectors.For the job multiplier,we take the indirect and induced full-time equivalent employment impacts as a ratio of the number of employees directly employed by Grab.This estimates the additional

114、jobs in the economy that are supported by employment activities on the Grab platform.Fig.8.Stylistic representation of estimated multipliersSource:Oxford EconomicsINDIRECT AND INDUCED IMPACTSThe GEIM was also used to quantify Grabs indirect and induced impacts on the Singapore economy.It allows us t

115、o assess the economic impact associated with the supply chain and wage-induced spending across the three main pillars of Grabs on-demand services.The model provides a snapshot of an economy for a single year,describing the relationships between industries,the goods and services they produce,and who

116、uses them.It incorporates procurement and compensation of employees as key inputs to estimate the indirect and induced impacts.For each pillar(Grabs own operations,merchant-partners,and driver-partners),we adopted a bespoke approach to estimate the procurement values and disaggregate them into speci

117、fic industries to estimate the supply-chain impacts from the GEIM.Grabs operations:Grab provided proprietary data on the procurement spending incurred across various operating and capital expense categories during its operations for its delivery and ride-hailing activities in 2023.To align with Grab

118、s operational activities,this procurement spending is assigned across different industry sectors based on the insights provided by Grab on the nature of these activities.The specific mapping for the procurement categories is based on the International Standard Industrial Classification of All Econom

119、ic Activities used in the GEIM.Driver-partners:The estimated total expenses incurred by driver-partners are categorised into four spending categories and assigned to their corresponding industries.Specifically,fuel,maintenance,and depreciation costs are associated with the wholesale and retail indus

120、try,which covers the repair and maintenance of vehicles.Insurance costs are mapped to the financial and insurance services sector.Merchant-partners:Based on the direct GDP,employment,and household income contributions of Grabs merchant-partners,the model estimates the procurement spending driven by

121、merchant-partners.This procurement spending is then disaggregated into specific industries using spending profiles from the OECDs input-output tables for the food and beverage and retail sectors in Singapore.Lastly,the induced impact from each of the three channels was estimated based on proprietary

122、 data from Grab on the compensation of its employees for Grabs own operations,income earned by the driver-partners,and estimated wage spending supported by the activities of merchant-partners.These spending estimates are adjusted to account for the value of domestic household spending as a share of

123、total earnings,excluding taxes and savings.The value of this domestic spending was distributed across different sectors in the Singaporean economy,based on the structure of spending obtained from the household final consumption expenditure column for Singapore in the OECDs input-output table.From th

124、ese disaggregated procurement and consumption spending estimates,we obtain indirect and induced output respectively.These output values are combined with industry ratios from the OECD input-output table within Oxford Economics GEIM to obtain the indirect and induced gross value-added,employment,and

125、income contributions.31 The ratios used included gross value-added against gross output ratios,gross value-added per worker,and compensation of employees against gross value-added.These ratios are based on the latest 2023 national statistics for Singapore.MultiplierIndirect Impact+Induced Impact Dir

126、ect ImpactThe Economic Impact of Grab in Singapore26Oxford Economics was founded in 1981 as a commercial venture with Oxford Universitys business college to provide economic forecasting and modelling to UK companies and financial institutions expanding abroad.Since then,we have become one of the wor

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131、lient base now comprises over 2,500 international organisations,including leading multinational companies and financial institutions;key government bodies and trade associations;and top universities,consultancies,and think tanks.January 2025All data shown in tables and charts are Oxford Economics ow

132、n data,except where otherwise stated and cited in footnotes,and are copyright Oxford Economics Ltd.This study references 2023 data provided by Grab,a company listed on Nasdaq.Neither Nasdaq,Inc.nor its affiliates make any recommendation to buy or sell any security or any representation about any com

133、panys financial condition.Investors should undertake their own due diligence before investing.2025.Nasdaq,Inc.All Rights Reserved.N.The modelling and results presented here are based on information provided by third parties,upon which Oxford Economics has relied in producing its report and forecasts

134、 in good faith.Any subsequent revision or update of those data will affect the assessments and projections shown.To discuss the report further please contact:Bali Kaur Sodhi:Oxford Economics,6 Battery Road,#38-05,Singapore,049909Tel:+65 6850 ABOUT OXFORD ECONOMICSGlobal headquartersOxford Economics

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