France’s hosting of the Olympic Games from July 26 to August 11 will have more of a “psychological” effect than an “economic” impact, the governor of the Bank of France, François Villeroy de Galhau, estimated on Franceinfo on Wednesday.
“The psychological, emotional effect is tremendous: let’s look forward to the Games! », enthused the central banker.
“It’s going to be a great event. The whole world coming to France, who will see the beauty of our country, I am very happy about it,” he continued.
“On the economic effect, we are cautious,” however qualified François Villeroy de Galhau. Hosting the Olympics “will undoubtedly be good for tourist activity, now I cannot tell you that it significantly changes the growth forecast of the Bank of France,” he added.
The institution lowered its growth forecast for 2024 by 0.1 points on Tuesday. Gross domestic product (GDP) should therefore increase by 0.8% over the year, compared to 0.9% previously anticipated.
François Villeroy de Galhau, however, did not rule out a “delayed” effect of the Games on the French economy.
“If France’s image improves further among the whole world and Europeans, we should benefit in terms of investments,” he hoped.
“In the process, it could be an opportunity to regain a little confidence in ourselves. Of course, we have a lot of problems but we also have a lot of strengths! », concluded the governor, dismissing any parallel with Greece’s hosting of the Olympic Games in 2004, which had aggravated the country’s financial difficulties.
Even if France suffers from one of the highest public debts in the euro zone, “the case of Greece was very particular,” judged François Villeroy de Galhau.