Kim Yuna’s stunning win at last month’s Winter Games will not only boost the career of the Olympic figure skating champion, it should help add several billion dollars to the South Korean economy.
Samsung Economic Research Institute economist Lee Dong-hun estimated Asia’s fourth largest economy would benefit to the tune of $17.82 billion from the record haul of medals by its athletes in Vancouver.
South Korea finished fifth on the medals table, its best position, with six gold, six silver and two bronze medals.
All of the medals were won in skating events, including one from a world record performance by 19-year-old figure skater Kim, dubbed ‘Queen Yuna’ at home.
“The country’s splendid achievement in the 2010 Winter Games will bolster soft power, a prerequisite becoming an advanced country,” Lee said.
“After watching Kim Yuna’s performance, Koreans may have experienced a height-ened sense of self-confidence that encourages the belief that... Koreans can achieve anything.”
He broke down the financial ben-efits into such areas as greater brand recognition for companies and a boost for exports and domestic demand.
There was also a $2.9 billion price tag on indirect effects, including a boost to public morale.
All the more reason, he said, for South Korea to push hard to host the 2018 Winter Olympics.
Pyeongchang city is bidding for the third time after losing out on 2010 and 2014.
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