The French economy grows by 0.5% with the help of the Olympics
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The Olympic Games officially opened in late July and the Paralympic Games end in September.
Visa Europe data also shows that small businesses in Paris reported a 26 percent increase in sales to Visa cardholders during the first weekend of the Olympics compared to the previous year.
Charlotte Haug, CEO of Visa Europe, said: “Our latest data shows a significant increase in consumer spending among Visa cardholders in the first week of the Olympics.”
Visa, one of the corporate sponsors of the Olympics, announced that Visa cardholders from the United States accounted for the most Olympics-related spending among foreign tourists, and their 29% more than a year ago.
However, French economic experts believe: in any case, the economic boom affected by the Olympic and Paralympic competitions will be short-lived. Olivier Garnier, the chief economist of the Central Bank of France told reporters: “Most of this effect of economic growth It will disappear in the fourth quarter.”
The Center for the Law and Economics of Sport (CDES) at the University of Limoges estimates that between 2018, when the Olympic preparations Paris began, by 2034, a decade after the event, the economic impact of the Olympics for the Île-de-France region was between 6.7 and 11.1 billion euros ($6.1 and 10.2 billion), with an average of about 9 billion euros. (8.26 billion dollars) will be. Of this amount, 70% is provided from the construction site and organization of events and 30% from the tourism site.
In terms of employment, the International Olympic Committee (IOC) has predicted that the Paris Olympics will create a total of 181,000 jobs and train 30,000 people in vocational skills.
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