The FIFA soccer World Cup would support an economic recovery in South Africa, a property analyst said on Monday.

“It will definitely support an economic recovery,” said Jacques du Toit, senior property analyst for Absa Home Loans.

“Spending related to the event will be enormous and will benefit the business sector (small and large), and especially the hospitality industry.”

Meanwhile, Rael Levitt, CEO of asset sales company Alliance Group, said the upcoming event had already had a fundamental impact on the South African economy.

“The FIFA World Cup is not about soccer, it is a moment in time when a large part of South Africa’s infrastructural programme needs to be complete and… it is a date when our country opens itself up to the world and shows off our beauty, prowess and ability to deliver an international event,” he said in a statement.

Du Toit noted the event would have a positive impact on the country.

”Although one will have to see what the impact of the global economic conditions will be on the event – but then, it will only be a year from now.

“Hopefully, by that time, much of the current economic  trouble will be a thing of the past.”

It is widely anticipated that the event would attract around R21,3-billion into the economy.

PUBLICATION: Engineering News
DATED: 25th May 2009