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The 2020 Tokyo Olympics and Paralymlics are expected to generate 25 trillion yen to 30 trillion yen in sales and revenue within the Japanese economy from 2014 to 2020, the Bank of Japan says.

The estimates reflect an increase in infrastructure investment related to the sporting events and spending by foreign tourists, the central bank said.

The number of foreign tourists will likely reach 33 million in 2020 if the current pace of increase continues, surpassing the government goal of 20 million that year, the BOJ said.

The BOJ said the sporting events are projected to lift Japan’s gross domestic product by around 1% by 2018, the peak year of its direct impact on the economy, corresponding to about 5 trillion yen to 6 trillion yen.

The BOJ estimated 10 trillion yen will be spent on building the main Olympic stadium and related facilities by 2020.

In addition to those economic effects, further growth can be expected from an enhanced growth strategy taking advantage of the events, the BOJ said.

It also said more than an additional 700,000 workers will be needed altogether in such sectors as construction and tourism, raising the need to utilize more women and the elderly.

“It is rough calculations,” so the figures are subject to change, a BOJ official said.


Tag(s) : #Asia-Pacific

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