Paris 2024: How the Olympics Energized France’s Economy
According to a Bank of France survey, the Paris 2024 Olympics are set to boost the country’s economic growth. The curtain fell on the Olympics this Sunday, August 11, 2024, with a grand closing ceremony at the Stade de France. Over 17 days, the global sports event captivated audiences, culminating in a triumph for the United States with 126 medals. France held its own, securing fourth place with 64 medals, including 16 golds.
An Economic Catalyst
Anticipated for years, the Paris Olympics became a beacon of hope amid France’s political upheaval, marked by the dissolution of the National Assembly and legislative elections. Economically, the event is poised to be a significant boon. According to the Bank of France, the Olympics are expected to boost growth by 0.25% in the third quarter.
July saw increased activity in construction and services, although the restaurant sector faced challenges. Despite an influx of international visitors, the usual summer clientele's absence hit the dining industry hard.
Optimism from the Bank of France is tempered by predictions that the Olympic economic boost may wane by the fourth quarter, as noted by Chief Economist Olivier Garnier. However, long-term benefits are anticipated. The Centre for Sports Law and Economics forecasts up to €3 billion in economic impact from tourism by 2035, though these projections are approached with caution.
The Paris 2024 Olympics have not only showcased athletic excellence but also offered a glimpse of economic revitalization, leaving a legacy that may extend well into the future.
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