2018 Winter Olympics Expected To Bring $19.8 Billion To South Korea

The San Francisco Chronicle indicates that the 2018 Winter Olympics, which were awarded to Pyeongchang, South Korea on Wednesday morning, will bring nearly $20 billion to South Korea.

Hosting the 2018 Winter Olympics will directly add 21.1 trillion won ($19.8 billion) to the South Korean economy, Hyundai Research Institute said in a report published this week. Benefits from increased tourism and raising the profile of the nation and its corporate brands will indirectly add a further 43.8 trillion won to the economy in the 10 years after the Olympics, according to the report.

Pyeongchang beat out Munich, Germany and Annecy, France to be awarded the games. The Olympics will affect the Korean economy profoundly - already, stocks in construction and cement companies have risen in value, as have those of design companies and resorts, the Chronicle reports. This is, obviously, no surprise, and we'll have to see about the long-term effects on the Korean economy, but early returns are positive. 

It's also possible that the Olympics will reduce South Korea's 3.3 percent unemployment rate, CNN reports, by creating 230,000 more jobs.

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