TBM Staff - Mumbai
Germany, the host of Euro 2024, can expect a significant economic boost from foreign tourists attending the soccer games, with the Ifo institute forecasting a one billion euro (USD 1.07 billion) increase in the country’s economy. This boost corresponds to about 0.1% of economic output in the second quarter of the year, primarily benefiting Germany’s hospitality and food retail sectors.
However, the impact is short-lived, and exports of services are likely to decline again after the tournament ends in the third quarter, remaining stable overall, according to Ifo researcher Gerome Wolf.
The institute estimates that over 600,000 additional foreign tourists and 1.5 million additional overnight stays are expected during the championship, based on the numbers from the 2006 FIFA World Cup hosted by Germany.
The German Economy Ministry also anticipates a temporary upturn in consumer-facing sectors, although not to the same extent as during the 2006 World Cup. The tournament kicks off on Friday evening with Germany’s match against Scotland.
