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Milan Expo 2015 to boost Italy's yearly GDP by 0.18 percent up to 2020: report

11-25-2010 14:41 BJT

ROME, Nov. 24 (Xinhua) -- The Milan Expo 2015 is set to have an enormous economic impact on Italy, estimated in a yearly increase of 0.18 percent of gross domestic product (GDP) from 2011 up to 2020, a report said Wednesday.

According to an important research carried out by the leading international Bocconi University, the expo will generate over 69 billion euros in terms of national production, 11.5 billion euros in taxes and create over 61,000 new jobs, thus playing a central role in revamping the Italian economy and contributing to cut-down on its high unemployment rate.

The Bocconi researchers highlighted at a conference in Milan the sectors that will be mainly benefited from the expo: infrastructures, tourism, foreign investments, services, communication and logistics linked to the event.

Milan Mayor Letizia Moratti, who is also government commissioner for the 2015 expo, praised the results of the report. "It confirms the occupational and economic impact of the event which we calculated at the moment of our candidature," she said.

Moratti however stressed the importance of the long-term effects, the so-called "soft legacy or intangible legacy."

"As for other cities who in the past hosted global events, the positive effect of the expo will last throughout time thanks to the credibility shown in organizing it. The expo will inevitably favor tourism for both business conferences and culture, it will leave as heritage a long-lasting winning brand of value," Moratti explained.

The Bocconi university's president Guido Tabellini pointed out that the Expo 2015 stood as an opportunity to give oxygen to the Italian economy and strengthen Italy's position on world markets, thus better sponsoring the penetration of Italian firms abroad.

Editor:Du Xiaodan |Source: Xinhua

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