Korean economy to benefit from Olympic haul 10/03/2010 |
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South Korea’s strong performance at the Winter Olympics last month will add billions of dollars to the country’s economy, a leading researcher has claimed.
Samsung Economic Research Institute economist Lee Dong-hun estimated Asia's fourth largest economy would benefit to the tune of 20.1768 trillion won ($17.82bn) from the record number of medals won by its athletes in Vancouver.
South Korea finished fifth in the medals table – its best-ever position – with six gold, six silver and two bronze medals.
All of the medals were won in skating events and included a world-record performance by 19-year-old figure skater Kim Yu-na, dubbed "Queen Yu-na" at home.
"The country's splendid achievement in the 2010 Winter Games will bolster soft power, a pre-requisite [for] becoming an advanced country," Lee wrote in a report.
"After watching Kim Yu-na's performance, Koreans may have experienced a heightened sense of self-confidence that encourages the belief that, by putting together their capabilities, Koreans can achieve anything."
Lee added that Korean companies would enjoy greater brand recognition on the back of the Games success and believes that there will also be a boost for exports and domestic demand.
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