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The World Cup is one of the most popular sports events in the world. It promises enormous financial gain to FIFA and the competition's host country. But economists say the event may mean huge losses for the world economy.
The Institute for Management Development in Switzerland says the World Cup means closures of many shops, banks and factories during the competition. It says if half the workforce of competing nations take time off to cheer on their teams, the cost to the global economy could be as high as 10.4 billion U.S. dollars. It estimates that Mexico and Germany will be worst hit, losing a potential 1.7 billion dollars in employee downtime. Hot on their heels is Brazil, which stands to lose 1.2 billion dollars.