Thursday, October 05, 2006
Football World Cup South Africa and Economy
According to consulting firm Grant Thornton, which drew up the financial impact report for South Africa's World Cup bid committee, the 2010 World Cup will pump R21.3-billion into SA's economy, generating an estimated R12.7-billion in direct spending and creating an estimated 159 000 new jobs.
SA's booming tourism industry will benefit from the estimated 235 000 visitors expected for the tournament, while construction and engineering companies will look to a slice of the estimated R2.3-billion to be spent on infrastructure building and upgrades in the lead-up to the event.
The SA Revenue Service will also be smiling at the prospect of an extra R7.2-billion that Grant Thornton expects to land in the state's coffers.
"There will be a big direct injection for the economy", Standard Bank economist Goolam Ballim told Reuters.
"But the indirect impact may be more meaningful for a sustainable economic lift in subsequent years ... it will help change the perceptions that a large number of foreign investors hold of Africa and South Africa."
For Tourism KwaZulu-Natal chief executive Miller Matola, however, the benefits of the 2010 World Cup go beyond the obvious economic ones - and will begin to be felt long before 2010.
"There are a number of benefits in terms of economic impact and job creation, development of physical infrastructure and new facilities", Matalo said in a statement.
"The affirmation that South Africa is fit to host a World Cup marks an important shift in perception and is a vital confidence booster for our country - in the world's eyes we have moved from being an apartheid-ravaged nation to a peaceful, democratic land."
SouthAfrica.info reporter
http://www.southafrica.info/2010/2010-economy.htm
SA's booming tourism industry will benefit from the estimated 235 000 visitors expected for the tournament, while construction and engineering companies will look to a slice of the estimated R2.3-billion to be spent on infrastructure building and upgrades in the lead-up to the event.
The SA Revenue Service will also be smiling at the prospect of an extra R7.2-billion that Grant Thornton expects to land in the state's coffers.
"There will be a big direct injection for the economy", Standard Bank economist Goolam Ballim told Reuters.
"But the indirect impact may be more meaningful for a sustainable economic lift in subsequent years ... it will help change the perceptions that a large number of foreign investors hold of Africa and South Africa."
For Tourism KwaZulu-Natal chief executive Miller Matola, however, the benefits of the 2010 World Cup go beyond the obvious economic ones - and will begin to be felt long before 2010.
"There are a number of benefits in terms of economic impact and job creation, development of physical infrastructure and new facilities", Matalo said in a statement.
"The affirmation that South Africa is fit to host a World Cup marks an important shift in perception and is a vital confidence booster for our country - in the world's eyes we have moved from being an apartheid-ravaged nation to a peaceful, democratic land."
SouthAfrica.info reporter
http://www.southafrica.info/2010/2010-economy.htm
# posted by organicworld @ 11:41 AM 
