Topic: But for powerhouse soccer nations like Germany
Athletes and fans aren't the only ones who benefit from the Olympic Games. Cities and countries that play host to this international sporting event are often handsomely rewarded for their labors. Take the 2012 London Olympic Games for example. In July 2013 Matt Carpenter Cardinals Jersey , the British government declared that the country received a trade and investment bump of 9.9 billion pounds ($16.65 billion) thanks to the Olympics. Similarly, a study by economists at Oxford University estimates that the games will inject 16.5 billion pounds into the British economy by 2017 and create some 17,900 new jobs annually in the country from 2012 to 2015. Of course, the gains didn't end there - many companies and countries far from the action recorded rises in sales and economic activity linked with the games.
One would expect similar outcomes from the World Cup Yadier Molina Cardinals Jersey , yet the biggest soccer event typically yields mixed economic results for countries with a stake in the tournament. And this refers to more than just the World Cup "curse" which many economists have noted - the 1994 World Cup coincided closely with the collapse of the US bond market, while subsequent editions in 1998 and 2010 synced up with the spread of financial crises in Asia and the eurozone respectively.
After one factors out the vagaries of the world financial market, the economic potential of the World Cup becomes clear. According to the Centre for Economics and Business Research, a UK-based think tank Willie McGee Cardinals Jersey , the 2006 Germany World Cup injected some 13 billion pounds into the economies of the 32 countries and regions which had teams participating in the tournament. Few will be surprised to learn that the vast majority of this gain went to its host country, with much of the rest trickling down into other European markets. Four years later, The Economist reported prior to the 2010 tournament that some 373,000 foreign spectators were expected to travel to that year's host country Bob Gibson Cardinals Jersey , South Africa, spending an average of $4,000 each during their stay.
But for the World Cup host country and elsewhere, the tournament can have a serious impact on workplace absenteeism as job obligations conflict with matches. In this way Stan Musial Cardinals Jersey , the World Cup is distinct from the Olympics in that during the latter many spectators are usually not bothered by missing small preliminary events and matches. During the World Cup though, every match counts toward a team's eventual standing at the end of the tournament. This heightened drama can pull millions of people away from desks and job sites. The best example of this phenomenon comes from the 2010 World Cup, when a decisive match involving England coincided with roughly 9 million people in the country knocking off work. Elsewhere, several countries declared days off at schools Ozzie Smith Cardinals Jersey , businesses and public institutions during the course of the 2010 World Cup, which together led to some $10 billion in economic losses - $2 billion of which was suffered by Germany.
But for powerhouse soccer nations like Germany, Britain and others, such losses are perhaps well earned. Generally speaking Authentic Stephen Piscotty Jersey , a country's athletic prowess is often closely correlated with its level of economic development - case in point, teams from six of the world's seven largest industrial economies made it into the World Cup finals in 2002. Europe has long been a bastion of soccer talent because large levels of social wealth have left plenty of money to fund athletic programs and created a market for professional sports as a form of entertainment. In this sense, Europe's stellar record in top international sporting events like the World Cup can be viewed as a tribute to its economic success.
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