Euro 2024 is being touted as a huge gift to the German economy, promising to bring in huge revenues, especially from international tourism. Economic forecasters have given impressive figures.
Euro 2024 is being seen as a huge gift for the German economy.
The attraction of Euro, the world's second-largest football championship, along with the participation of the powerful German team - the "tank" is expected to attract more than 1 million foreign tourists to Germany. This huge number of tourists will contribute to increasing revenue for service industries such as hotels, restaurants, transportation and tourism, estimated to reach more than 1 billion USD.
The tourism industry contributes significantly to Germany's GDP, and Euro 2024 is expected to boost economic growth in the second quarter of 2024. Increased demand for tourism services will create new job opportunities for local people, helping to reduce unemployment.
This huge number of tourists will contribute to increasing revenue for Germany.
Euro 2024 is a golden opportunity for Germany to promote its image to international tourists, attract investment and business cooperation. In addition to football matches, visitors also have the opportunity to explore famous tourist destinations in Germany such as Berlin, Munich, Cologne, etc.
In the IFO report, researcher Gerome Wolf said that the impact was short-lived and would return to equilibrium in the third quarter after the tournament ended. Citing data from the 2006 World Cup, IFO said that Germany welcomed more than 600,000 international visitors and about 1.5 million overnight stays during the event.
The German Economy Ministry is also hoping for a temporary recovery in the consumer sector, as retail sales have been falling since the start of the year. Many experts believe that the overall impact of this football tournament on Europe's largest economy will depend on the performance of the national team. But Germany got off to a very good start, crushing Scotland 5-1 in the opening match of the tournament.
In addition to the host country, the organizing unit - UEFA will also benefit greatly from this year's Euro. In the revenue structure, television copyright to broadcast live matches still accounts for the largest proportion each Euro. This year, the value of television copyright is expected to exceed the 1.135 billion euro mark (more than 1.21 billion USD) of the tournament 4 years ago.
Experts say the overall impact of Euro 2024 on Europe's largest economy also depends on the national team's performances on the pitch.
