Economic Benefits of Winning Bid to Host 2018 Winter Olympic GamesUpdated: 2011-07-06 (KST)
A study into the economic impact of a successful bid for the nation's first ever Winter Olympics suggests that the Games and its "powerful" marketing strategy would create both tangible and intangible economic benefits as well as raise international awareness of Korea to a new level.
According to an analysis from state-run think tank Korea Institute for Industrial Economics and Trade, a successful bid for the Winter Olympic Games would enable Korea to gain an economic expansion estimated at roughly 27 billion US dollars.
In addition, Korea's triumph could also slash the nation's unemployment rate by creating an additional 230-thousand jobs until 2018.
The KIET report says that the incremental tax benefits from the Games may offset a large portion of the cost of infrastructure improvements, such as a better regional transportation system in the venue area.
Experts say if Pyeongchang wins the bid, the potential economic benefits would be twice as large as that of the 2002 Korea-Japan World Cup and four times bigger than the Seoul Olympics in 1988.
Yang Ji-woo, Arirang News.
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