The FIFA soccer World Cup would support an economic recovery in South Africa, a property analyst said on Monday.
â€œIt will definitely support an economic recovery,â€ said Jacques du Toit, senior property analyst for Absa Home Loans.
â€œSpending related to the event will be enormous and will benefit the business sector (small and large), and especially the hospitality industry.â€
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.
â€œThe 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 andâ€¦ 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 economicÂ 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