2010 World Cup a Super Cash Cow

27/11/2009 at 08:57 12 comments


http://africantravelguide.files.wordpress.com/2009/10/fifa-world-cup-2010.jpg

South AFrica was awarded the bid to host the 2010 FIFA Soccer World Cup in 2004. Mandela - a true soccer fan - was present during the ceremony.

The 2010 FIFA Soccer World Cup is expected to be a true cash cow for South Africa, as the authorities anticipate that the football extravaganza will pump 55 billion rand (5 billion euro) into the local economy. This includes things like ticket sales, accommodation and local flights.

The expectations are based on an audit by auditing firm Grant Thorn, which has conducted  an economic impact assessment regarding the   World Cup. The firm has found that not only would the event inject R55 billion    (5 billion euro) into the domestic economy, it will also create and estimate of 415.000 mainly temporary jobs.

“Moreover, the country’s Gross Domestic Product (GDP) will be boosted by R33 billion (±3.3 billion euros) in direct spending on stadiums and infrastructure, while soccer fanatics will spend some R8 billion (±800 million euro) and ticket sales will generate R6 billion (±600 million euro),” said the Deputy Minister of Water and Environmental Affairs, Rejoice Mabudafhasi.

In addition, the auditing firm had found that the government would rake in about R19 billion (1.9 billion euro)in tax revenue.
“Given the scenario … it is an event of significant and far-reaching economic impact,” said Mabudafhasi.

Although the actual World Cup will be the greatest contributor to South Africa’s economy, the Final Draw for the 2010 FIFA World Cup is also expected to be lucrative as 4000 people are expected to flock to Cape Town for the event, which takes place on December 4, 2009.

Source:  BuaNews

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