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
Football World Cup South Africa
South Africa has won a three-way contest to be the first nation in Africa to host football's World Cup in 2010. FIFA, world football's governing body, announced its decision Saturday in Zurich.FIFA President Sepp Blatter said the organization's 24-member executive committee needed only one round of secret balloting to make its decision.
"The 2010 FIFA World Cup will be organized in South Africa," Mr. Blatter announced.
South Africa beat out Morocco, which had mounted a strong presentation on its fourth bid to host football's maximum event. Egypt was also a finalist. FIFA said a fourth candidate, Libya, did not meet all the required conditions. Tunisia, which had wanted to co-host the World Cup with Libya, bowed out at the last minute.
Irwin Khoza, who organized South Africa's bid with the support of such heavyweights as former President Nelson Mandela and Nobel Peace Prize laureate Archbishop Desmond Tutu, was magnanimous in victory.
"This is for Africa," he said.
South Africa was disappointed four years ago, when it lost out to Germany in a bid to host the 2006 World Cup. FIFA then decided to rotate the championship every four years among the various continents, and Africa was first up.
Mr. Mandela beamed at Saturday's ceremony, as he lifted the golden World Cup trophy.
A South American football executive who asked not to be identified says awarding the World Cup to South Africa is a tribute to the ailing, 85-year-old Mr. Mandela, who oversaw his country's transition from apartheid to multiracial democracy.
The executive says South Africa was the best of the three candidates, because it has an excellent infrastructure and experience in hosting international sports events, such as the rugby and cricket world cups.
Source: VOANEWS Brussels 15 May 2004
Author: Roger Wilkison
"The 2010 FIFA World Cup will be organized in South Africa," Mr. Blatter announced.
South Africa beat out Morocco, which had mounted a strong presentation on its fourth bid to host football's maximum event. Egypt was also a finalist. FIFA said a fourth candidate, Libya, did not meet all the required conditions. Tunisia, which had wanted to co-host the World Cup with Libya, bowed out at the last minute.
Irwin Khoza, who organized South Africa's bid with the support of such heavyweights as former President Nelson Mandela and Nobel Peace Prize laureate Archbishop Desmond Tutu, was magnanimous in victory.
"This is for Africa," he said.
South Africa was disappointed four years ago, when it lost out to Germany in a bid to host the 2006 World Cup. FIFA then decided to rotate the championship every four years among the various continents, and Africa was first up.
Mr. Mandela beamed at Saturday's ceremony, as he lifted the golden World Cup trophy.
A South American football executive who asked not to be identified says awarding the World Cup to South Africa is a tribute to the ailing, 85-year-old Mr. Mandela, who oversaw his country's transition from apartheid to multiracial democracy.
The executive says South Africa was the best of the three candidates, because it has an excellent infrastructure and experience in hosting international sports events, such as the rugby and cricket world cups.
Source: VOANEWS Brussels 15 May 2004
Author: Roger Wilkison
