WASHINGTON, July 7, 2011—While there have been recent reports that Brazil is behind in preparing for the 2014 World Cup, the Brazilian government is predicting that the event will generate enormous revenue for the budding economy.
According to the Brazilian Ministry of Sports, Brazil’s economy is forecasted to grow by over $70 billion as a result of hosting the 2014 FIFA World Cup. The money is expected to be generated through “private and public investment in infrastructure, heightened consumption, increased activity in the services sector and tax collection.”
Brazil is predicted to be the world’s fifth largest economy by 2016, when Rio De Janeiro hosts the Olympic Games.
The 2014 World Cup is expected to generate over $30 billion in direct taxes, $10 billion in additional indirect taxes, and an increase in consumption of Brazilian goods by over $3 billion for the period leading up to and during the 2014 World Cup.
Approximately 600 thousand international visitors are expected to travel to Brazil, which could alone generate over $2.5 billion for the Brazilian economy.
The Ministry of Sports expects 332,000 permanent jobs and 381,000 temporary jobs to be created through 2014 as a result of World Cup preparations and Brazil’s role as host.
Brazil has acknowledged in recent months that preparations for the World Cup have been behind schedule, especially in improving the nations’ airport. The government has approved changes that could reduce the amount of bureaucracy stalling construction work for the 2014 World Cup and 2016 Olympics.
It’s a busy time for the nation which is also hosting the 2013 Confederations Cup.
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