Olympics to help Japan's economy?

CNN's John Defterios reports on how Japan hopes to benefit from winning the 2020 Summer Olympics.

Well, we’ve seen the pass as Olympic burdens for host nation has not been viewed as an Olympic size opportunity for Tokyo in 2020. Tokyo Olympic specialist said it did not rely on recover marketing pitch, but instead, the IOC support Japanese capital is built as it means the safest and most reliable, something Prime Minister Shinzo Abe promised despite the natural disaster Fukushima back in 2011. Prime Minister said the Game should help this country overcome 15 years of deflation. The government suggests it could help boost growth by 0.3% a year for the next 7 years, but US bank Morgan Stanley said it could be more than double that.

Japan wants this bid not putting up the biggest budget for the 2020 Games. Let’s take a look what we are talking about here. While Tokyo in $8 billion, Istanbul more than double that at $19 billion, and Madrid come it with a low ball bid of $5 billion. This was seen at a setback for Turkey after the toxins square put us back in June with concerns about instability soften the border in Syria. Istanbul is amassing in mass infrastructure build-up that includes new bridges, and it planned airport. The 2020 Games will take place just 3 years ahead of the 100 anniversary of the Turkish Republic.

“We think it’s not easy, so for us, we were going to create the great legacy, so that’s…

No, not yet. So we gonna say we have to go back and think and we’ll see.

Turkey would have been the first majority mass population country to host the Games. And it has aspiration to be top 20 economy by 2023 with a GDP of $2 trillion. For Madrid, it was the third time unlucky. The city’s put three straight bids in for the summer Games of 2012, 2016 and 2020. Again the EU debt crisis and soaring jobless rate were seen as major strikes against the Spanish.

John Defterios, CNN, Abu Dhabi.