World Cup ’18 has huge benefit for Russian economy – experts

FIFA World Cup 2018 will have huge long-term benefits for the Russian economy expected to worth multi USD billions, economists said.

“Organizing the World Cup in Russia will have many benefits, particularly the construction of huge infrastructure that includes stadiums, airports, hotels, roads and railroads, among others,” Mikhail Khazin, president of economic consultancy, Neocon, told KUNA.

He said Russia has spent hefty sums of money to organize the World Cup and would definitely benefit from the development of crippling tourism sector.

“The World Cup provides an opportunity for the foreigners to visit 11 Russian cities hosting the sporting events,” he added.

Russian authorities, added Khazin, had also trained tourist guides and transformed cities into future touristic destinations.

The Russian government’s modernization and building of sport facilities will have long-term impact on the Russian people, noted Khazin.

Economic reports suggest that Russia spent over USD 13 billion to organize the World Cup, to be held between June 14 and July 15.

Russia modernized and built 12 stadiums in 11 cities hosting the World Cup matches: Moscow, Kazan, Sochi, Rostov, Kaliningrad, Saransk, Nizhny Novgorod, Ekaterinburg, Saint Petersburg, Samara and Volgograd.

Economists forecast over two million fans would spend USD billions, including in accommodation, buying souvenirs and tickets which alone valued USD five billion.

They said the World Cup would generate huge financial income for the Russian economy, or some 0.2 percent of GDP.

They added the lion share would go to the services sector, like hotels, souvenir shops and restaurants.

Alexey Sorokin, Director of Local Organizing Committee for the World Cup, said the football championship would improve the image of Russia around the globe.

Source: Kuwait News Agency