Russia projects $31bn economic growth by FIFA World Cup

Russia projects $31bn economic growth by Fifa World Cup - InsideSport

The Russian government report on the economic impact of hosting the FIFA World Cup later this year projects up to a 1.92 trillion roubles ($30.8 billion) boost to the country’s economy through to 2023.

The report is anticipating the boost from tourism, construction projects and knock-on effects from government investments, the report has stated.

The World Cup “has a considerable economic effect,” Deputy Prime Minister Arkady Dvorkovich has stated in the report. “The tournament has already boosted the economic development of the host regions and will continue to have a positive long-term economic impact.”

The 2018 FIFA World Cup won’t have any significant impact on inflation in Russia, Deputy Prime Minister Arkady Dvorkovich told reporters on Wednesday, Russia’s national news agency Tass has reported.

“There will be no significant effect on inflation. The costs incurred have been stretched over time and do not constitute a sizable portion within the total volume. Furthermore, these were productive investments that do not create inflation pressure on the consumer market,” Tass has quoted the Deputy PM as saying.

The Bank of Russia said last fall that inflation might temporarily accelerate in those regions hosting the 2018 World Cup against the background of mounting consumer demand Russia’s annual inflation will be 2.3-2.6% in April, the Ministry of Economic Development earlier reported.

The 2018 FIFA World Cup kicks off in less than two months with the opening match in the Russian capital of Moscow. Russia selected 11 host cities to be the venues for the matches of the 2018 World Cup and they are Moscow, St. Petersburg, Sochi, Kazan, Saransk, Kaliningrad, Volgograd, Rostov-on-Don, Nizhny Novgorod, Yekaterinburg and Samara.

The matches of the 2018 World Cup will be held between June 14 and July 15 at 12 stadiums located in the 11 above-mentioned cities across Russia. Two of the stadiums are located in the Russian capital.