Economic benefits from Pyeongchang hosting the 2018 Winter Olympic Games are estimated to extend into the tens of trillions of won.

According to the results of research by the Korea Institute for Industrial Economics and Trade (KIET), the estimated output generated by hosting the international event totals 20-point-four trillion won. This is twice the amount generated by the 2002 FIFA World Cup, which was jointly hosted by Korea and Japan.

KIET said the winter event is also estimated to create some 230-thousand jobs.

The Hyundai Research Institute (HRI) has also calculated the potential economic boost from the Winter Games. It said that South Korea will benefit directly by some 21-point-one trillion won.

Moreover, Samsung Economic Research Institute (SERI) estimated that direct economic benefits from the 2018 event will amount to 29-point-three trillion won. It also estimated that indirect benefits will reach ten-point-three trillion won. Indirect benefits include an improved national image and increased domestic demand and exports by South Korean companies.