Vancouver 2010 halo effect won’t last long: Conference Board
The 2010 Olympics will bring some economic benefits to Canada, in particular B.C., but don’t count on the event to have a long-lasting “halo effect,” the Conference Board of Canada warned Wednesday.
Paul Darby, the board’s chief economist, said there will be “an Olympic effect” from the Games that will drive growth in British Columbia by about 3.3% in 2010, more than any other province.
He also said foreign spending in Canada is expected to rise 7% next year, after having fallen for years, driven by economic activity around the Games to be hosted by Vancouver and Whistler, B.C.
However, Darby said the economic impact will fade within two to three years.
“From the research we’ve done on previous Games, that Olympic fever, or halo effect, wears off fairly quickly,” Darby told a ski industry conference in Whistler.
While the 2010 Games will provide an international showcase for Canada, and in particular the Vancouver area, “don’t count on that advertising to last for 10 years,” Darby added.
