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ECONOMY

Analysts say Olympics unlikely to boost economy

  • May 19, 2021
  • , Mainichi
  • JMH Summary

Mainichi reported on Wednesday on the growing consensus among economists and researchers that the Tokyo Olympics probably will not help to shore up the economy, shooting down Prime Minister Suga’s high hopes that the international sporting event will help to lift the Japanese economy. They forecast that in the absence of foreign spectators, along with the growing likelihood that only very few or possibly no domestic spectators will be allowed to attend, the economic gains from the Games will perhaps be too small to offset the negative business impact of the ongoing COVID-19 state of emergency.

 

Some economists are reportedly afraid that the international event might even significantly undermine economic growth amid growing public dissatisfaction with the GOJ’s continued failure to stem the outbreak. “I’m fearful of the potential side effects of going ahead with the Games irrespective of public opposition,” said Chief Economist Saito of NLI Research Institute, who projected that the potential positive effects of the Olympics may be canceled out if they end up triggering another spike in infections and state of emergency. 

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