Germany is set to receive a major economic boost from the 2024 European Nations Cup, which begins on Friday, as expectations indicate inflows estimated at one billion euros ($1.07 billion) from foreign visitors, according to a recent study conducted by the German Ifo Institute.
Politico website reported the expectations of the study conducted by the Ifo Institute in Munich that the tournament would lead to an increase in Germany’s gross domestic product by about 0.1% in the second quarter.
This expected growth – according to the study – reflects the economic impact observed during the 2006 World Cup held in Germany, where the number of arrivals and stays of foreign guests increased by 25%.
Tourist demand
But Jerome Wolf, a researcher at the Ifo Institute, said: “However, this effect is short-lived, so the export of services is likely to decline due to the departure of tourists again after the end of the European Championship in the third quarter and will remain unchanged overall.”
According to the institute’s calculations, which are based on data from the FIFA World Cup hosted by Germany in 2006, more than 600,000 additional tourists are expected to visit and hotels will see an additional 1.5 million overnight stays during the tournament.
The German Economy Ministry also expects a temporary recovery in sectors that deal with the public after a weakness in retail sales this year, but not to the same extent as witnessed during the 2006 World Cup.
Experts agree that the overall impact of the 2024 European Championship on Germany’s economy, which is the largest on the continent, also depends on the performance of the German national team in it.
The 2024 European Championship, which Germany has won three times in the past, will be hosted across 10 stadiums, from the Olympic Stadium in Berlin to the Volkspark Stadium in Hamburg. The opening match will bring together Germany and Scotland at the Munich Football Stadium this Friday evening.
