Germany Hopes to Boost Economy Amid UEFA Euro 2024 Excitement

A report by Lea Fayyad, English adaptation by Nadine Sassine


As much as German fans want their team to win the UEFA European Championship this year, the host country, Germany, expects that this important global athletic event would benefit its economy. But how? 


According to the German Ifo Institute, over 600,000 foreign tourists will visit Germany, spending more than $1.07 billion. This will boost tourism, particularly in locations with stadiums, during the four-week competition. Restaurants, pubs, guesthouses, and hotels, with 1.5 million booked nights, will benefit.

Certain sectors will see improved sales, such as new televisions, food, and beverages purchased by fans to watch the matches. Local beer sales, for instance, increased by 5% during the 2006 World Cup, which was also held in Germany.

Hosting such a large event successfully can enhance Germany's image abroad and create a sense of optimism among local consumers and investors looking to invest in the country. However, the positivity brought by the Euro Cup remains limited compared to the economic challenges and growth issues facing the German economy. Germany was the only G7 country that did not grow last year, according to the IMF, and it now needs many laws and reforms to help drive growth, such as reducing taxes, cutting bureaucracy, and stimulating investments.

So, even if Germany doesn't achieve significant growth from the Euro Cup, at least it will have brought joy to its people, visitors, and the world.