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G-8 summit expected to bring windfall

Date Posted: 1999-08-13

According to estimates by economists at the Bank of Okinawa, the 2000 G-8 Summit will generate some ¥10.8 billion in short term demand for goods and services by the time the next summer’s summit will be over.

Construction, food and service businesses will be the main beneficiaries, but the bank forecasts that especially tourism will benefit of the event in the longer term. The bank’s estimate concerns only the effects of the summit during the fiscal years of 1999 and 2000.

Most of the projected economic benefits will come from monies already budgeted by the central government for the summit that is expected directly to create 1,200 jobs. That will have a large positive impact on the prefecture’s economy that suffers of a jobless rate that is double of the national average.

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