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Seoul – South Korea's advance to the knockout round of the World Cup is expected to bring an economic windfall worth $3.6bn, a think tank estimated in a report seen on Thursday.
"Making it into the round of 16 in the World Cup not only boosts the country's international status but also brings in significant economic benefits," the Hyundai Research Institute said.
"With direct and indirect benefits combined, the total economic benefits are estimated to be $3.6bn."
South Korea on Tuesday progressed to the second round of the World Cup for the first time away from home, after a 2-2 draw with Nigeria.
The direct benefits include $618m worth of increased consumption of soft drinks, snacks and alcohol which supporters consume while watching TV or celebrating victory afterwards, it said.
Increased production
When other increased production induced by this consumption is added, the total direct economic benefits will reach $840m, the institute said.
Indirect benefits, which include boosting the image of the country and its business firms through global television exposure, amount to some $2.5bn, according to Hyundai.
"The Korea discount will be eased, resulting in increased sales and profits," the institute said in reference to the fact that South Korean products tend to be undervalued because of the country's relatively low image.
"What is more important than economic benefits is that the advancement to the round of 16 will also help enhance national pride and self-confidence and provide an opportunity to achieve national integration."
Thursday's Korea Times put it more simply – with a bold headline reading "South Korea makes history".
"Making it into the round of 16 in the World Cup not only boosts the country's international status but also brings in significant economic benefits," the Hyundai Research Institute said.
"With direct and indirect benefits combined, the total economic benefits are estimated to be $3.6bn."
South Korea on Tuesday progressed to the second round of the World Cup for the first time away from home, after a 2-2 draw with Nigeria.
The direct benefits include $618m worth of increased consumption of soft drinks, snacks and alcohol which supporters consume while watching TV or celebrating victory afterwards, it said.
Increased production
When other increased production induced by this consumption is added, the total direct economic benefits will reach $840m, the institute said.
Indirect benefits, which include boosting the image of the country and its business firms through global television exposure, amount to some $2.5bn, according to Hyundai.
"The Korea discount will be eased, resulting in increased sales and profits," the institute said in reference to the fact that South Korean products tend to be undervalued because of the country's relatively low image.
"What is more important than economic benefits is that the advancement to the round of 16 will also help enhance national pride and self-confidence and provide an opportunity to achieve national integration."
Thursday's Korea Times put it more simply – with a bold headline reading "South Korea makes history".
