World Cup Over: Spanish, Employers Rejoice
While returning to the office after a meeting Wednesday afternoon, I couldn’t help but notice how many people were watching the Spanish defeat the Germans on the giant movie projectors set up in Toronto’s underground labyrinth (for non-Torontonians: the major downtown subway stops, shopping centers and towers are connected by an underground network of tunnels and food courts). The scene was replicated all along my journey. What I did not see were the weeping business owners, but they must be out there.
According to this AP article, and this similar article, the World Cup will cost the German economy US$8 billion (0.27% GDP), Brazil shuts down, and as for Italy: when Italian FIAT autoworkers went on strike, by sheer coincidence the timing was 30 minutes before game time (did management even notice?); the issue was whether the workers could watch the game. The World Cup is the fourth largest sapper of the US economy because of afternoon timing not popularity (March Madness NCAA basketball is tops).
Congrats to the Spanish champions.
Have a great and productive week,
Christopher M.B. Graham – Click here for more information on Chris Graham.