Euro 2020 can result in more than a simple triumph in a football tournament. As “Il Sole 24 Ore” writes, the penalty expected by Donnarumma and the subsequent victory of the Azzurri could generate an increase of 12 billion euros of Gross Domestic Product in Italy.
Based on this figure are studies of economists, according to which a major victory in football generates a growth of 0.7% in the GDP of a country. The increase can be accompanied and supported by a 10% increase in “made in Italy” exports, as happened in the 2006 World Cup.
Alessandro Terzulli, chief economist at SACE (Export Credit Agency Italiana), is confident in this regard: “Undoubtedly, there will be some effect of confidence, at least in the short term. I look forward to a recovery in the HoReCa sector and all products, from food to wine and beverages, consumed abroad. This effect on consumption will not only affect Italians – now more inclined to find themselves abroad and celebrate – but also some countries, where ‘made in Italy’ is more appreciated.
The impact on the economy will not be felt only in Italy: “On the one hand there will be the effect of reopening, with tourists returning to our country. On the other hand is the merit of consumption abroad. Italy won the European Championship, why not choose an Italian restaurant to go to dinner?
“It is known that a big sporting event has a positive impact on the GDP of the country that organizes it – explains Terzulli – less clear effect on the country that wins the competition. “In 2006, Germany was our first export market – a good part of the growth of ‘made in Italy’ that year came from the growth of German domestic consumption.”
It is clear how the importance of victory is dictated by the benefit derived from the Italian brand abroad: “There is no doubt that victory in England is an important chance in foreign markets where a significant part of GDP is created. which in 2021 is estimated to increase by about 5% “explains Coldiretti (Confederazione Nazionale Coltivatori Diretti – Largest Farmers Association), in a press release.
An opportunity for growth, supported, among other things, by the international prestige of the country in the political and institutional plan, as shown by the appreciated presence at the “Wembley” stadium in London, of the President of the Republic, Sergio Mattarella, but also the fans for the President of the European Commission, von der Leyen “- continues the Farmers’ Association.
According to Coldiretti data, the 2006 World Cup victory brought GDP growth of 4.1%, with the number of unemployed down by 10%. The following year saw an increase in overseas sales, driven by the success of Italy’s image. That year also saw an increase of 2.36 million tourists in Italy on holiday.
