PARIS: The University of Limoges’ Centre for Law and Economics of Sport (CDES) claims that the 2024 Olympic Games will generate a net economic gain of somewhere between pound 6.7 billion and pound 11.1 billion for the Paris region, insidethegames, the inside track on world sport, reported.

The Paris 2024 Organising Committee commissioned the independent study to model the overall economic impact of construction work, extra tourism and event organisation on the Île de France region from 2018-2034. The Paris Tourism Office expects up to three million tourists to visit Paris during the Games and spend around pound 2.6 billion.

In 2016, the CDES carried out a previous economic impact study in support of a Paris Games bid which estimated the economic gain at pound 5.3-10.7 billion. Three years ago, the Paris economy was estimated at pound 765 billion by the French national statistics agency.

At under pound 10 billion, the Games budget is set to be smaller than recent editions with at least pound 2.6 billion com
ing from public funds. In an intermediate scenario, each euro of public spending will lead to an around three euros of economic impact. Eighty percent of the public investment is in Seine-St-Denis, home to the Olympic Village which will be converted into 2,800 housing units and two new schools after the Games.

The economic gains of major sporting events are hard to measure with the study’s authors urging caution with regard to interpreting the results. In March, French central bank governor Francois Villeroy de Galhau said that the Games’ impact would be more psychological than economic.

Source: Emirates News Agency