Experts believed that Germany hosting the men’s European Football Championship in June and July would have no direct effect on the flagging economy.
Euro 2024 will be held across 10 cities from June 14-July 14.
It is the biggest sporting event to be held in Germany since the 2006 men’s football World Cup.
It is fondly remembered by Germans as the “summer fairytale’’ for its cultural if not necessarily economic impact.
“The Euros could have a positive psychological and indirect effect on the German economy.
“Hotels and the catering industry in particular will benefit from additional demand, but this will not have a major impact on the economy as a whole,’’ said Marcel Fratzscher.
Fratzscher is the president of the German Institute for Economic Research in Berlin.
Michael Grömling from the Cologne Institute for Economic Research made a similar forecast.
“We do not expect the European Football Championship to have any macroeconomic impact in Germany. This was also observed during the World Cup in 2006,’’ he said.
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Labour market effects are “temporary and regional at best,’’ he added.
European football’s governing body UEFA expects the Euros to generate revenue of 2.4 billion euros (2.6 billion dollars) for itself, its subsidiaries and the German Football Federation (DFB).
A large part of this will be invested in “countless football projects in all national associations within a four-year cycle,’’ according to a statement. (dpa/NAN)
