What 2020 Olympics Contributes to Japan’s Economy
When the host country for the 2020 Olympics was awarded to Japan, locals had different reactions. Many were happy and excited, while some felt worried and hesitant. Regardless of the people’s reactions, it is a given fact that there’ll be positive and negative effects from this big event. The 2020 Olympics is something that Japan has wanted since it’s last hosting in 1964. In this article, let’s start looking into what this event can bring into the table.
Increase in Infrastructural Investments
While Japan has many high-rise buildings, stadiums, various types of accommodation, a good transportation system and several facilities to brag about, still the country decided to put a huge investment in infrastructure for the coming Olympics. Facilities will play a crucial role in the success of the event and this is something that Japan has carefully planned. Currently, it’s building several structures like an olympic stadium, sports facilities, private hotels, roads for transportation and improvement of some areas like Ginza, Shinjuku and Shibuya. Most of these structures will be completed between 2018-2019 and a few remaining in 2020. Having these facilities and structures, it can attract foreign investors in the country that will lead to a growth in the economy. In such situation, economic opportunities will always present itself.
A Boom in Tourism
Though Japan is known as one of the top destinations in the world; its ranking would still improve to reach the top. With the incoming Tokyo Olympics, such event will surely partake into this goal. As the country re-introduce itself to the world, it will also send a message to all that it is a destination that everyone must see. As tourism rises, it will give a good boost to the economy. Moreover, the Tokyo government has planned on some upgrades that will create a more pleasant experience for tourists. Some of them are putting more English signage in populated areas, improved and accessible wireless connection, introduction of new destinations to attract more visitors and an upgraded transportation network. Through these actions, Japan can showcase to the world its preparedness and warm hospitality. And when talking about the economic aspect, here are some of the expected effects: a rise in the product and service consumption, an increase in the tourists spending, which is an advantage to businesses, and for more locals will be given temporary and permanent employment. Professional tour guides will become demand, which also gives them opportunities to practice their English skills.
These are just some of the economic benefits of this huge event and the list goes on and on. Are you excited for this? You better be.