July 7th, 2011
04:11 AM GMT
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(CNN) – Pyeongchang’s triumph of the 2018 Winter Olympics is expected to cultivate more than just national pride, paving the way for the South Korean economy to rake in an estimated $27 billion, according to the Korean Institute for Industrial Economics and Trade, a state-run think tank.

The win may also reduce the nation’s unemployment rate – which sits at 3.3% as of 2010 – by creating roughly 230,000 jobs up until the 2018 games, KIET found in a study.

Pyeonchang beat out Munich, Germany, and Annecy, France, a small resort town located in the French Alps, for a chance to host the Games in 2018. Prior to Wednesday’s announcement, Pyeonchang had failed in bids for the 2010 and 2014 Winter Olympics.

This will not be the first time South Korea has lit the Olympic Torch on their home soil.

Seoul played host to the 1988 Summer Olympic Games, which saw the tightest security of any Olympics to date amid fears of a possible North Korean attack, according to the Wall Street Journal.

Although the 38th parallel remains highly volatile, the International Olympic Committee said Pyeongchang was a “low-risk” environment for the games.

The 2018 games will also mark the first time a Winter Olympics has been held in an Asian city outside of Japan.

South Korean experts believe that the potential economic benefits of 2018’s games could be twice as large as those of the 2002 Korea-Japan World Cup, and four times larger than the 1988 Seoul Olympics, according to Arirang News, Korea’s global television station.

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Filed under: Asia

soundoff (15 Responses)
  1. John Hunt

    We should get ready to see the S Koreans with many gold medals in their Winter Olympics through their now world famous corruption and under the table deals. Just as they did in the FIFA World Cup when they clearly bribed referees to get rid of Italy and particularly Spain in an outrageous display of manipulation and cynicism. So much for the "new horizons".

    July 7, 2011 at 9:19 am |
  2. Wendy

    Iam ready to see Pyeongchang 2018 Winter Olympic games!

    July 7, 2011 at 11:50 am |
  3. Don't Understand

    Three words, John Hunt: Let... it... go!

    These were two games where two big countries got denied by a smaller team. If you actually rewatch the games instead of following internet hatred, you'll see that Italy and Spain righteously under-performed in their games for whatever reason (although blowing open shots in front of a goal without a goalie doesn't help much) and can only really blame themselves for losing. Years later, people still can't seem to let this go.

    I'm calling it: 2018 Winter Olympics will be the biggest, most exciting ever. South Korea is a country which loves sports to the highest degree, and they want to put on an awesome show. I expect quality entertainment and competition.

    July 7, 2011 at 12:42 pm |
  4. Zee

    Okay John, time to take your medicine.

    July 7, 2011 at 5:47 pm |
  5. Victorianism

    Congratulations. Good luck and good performance for the great 2018 Winter.

    July 7, 2011 at 11:16 pm |
  6. erin

    is that some kind of joke? after the whole thing with argentina and sweden, you know that those refs are too racist to even pretend to take a bribe, i mean seriously sweden's goal should not have counted because sweden passed two defense players when they scored, which is illegal! ridiculous

    July 8, 2011 at 3:11 am |
  7. Ohman

    To John Hunt:
    In every single World Cup match, I see that there's a bit of "corruption" in favor of the host country. The most outrageous and obvious one was France vs Paraguay in 1998, but of course it didn't get almost any attention since everyone 'expected' France to win. The only reason Korea gets so much attention is because everyone thinks Koreans don't know how to play soccer. (I am, btw, Brazilian, and believe me, Koreans can play soccer now. Times have changed)
    Oh, to add onto it, I watched a World Cup match between Korea and France with a former French soccer player, and he was furious that France was not able to crush Korea, and in the end admitted that Koreans have improved so much now.
    Besides, do NOT be surprised if Korea wins a lot of gold medals. They already do and have been earning lots of gold medals in Winter Olympics. Comparing the population with the U.S, I'd say Koreans are far more talented in winter sports than the Americans so don't come back here and start posting B.S in 2018.

    July 8, 2011 at 3:36 am |
  8. Ohman

    Oh, and why do you Americans always speak of other countries as if your country has no corruption, violence, and racism?

    July 8, 2011 at 3:38 am |
  9. comeON

    To John Hunt.

    You are one of the ignorant people out there that can't seem to let go of the past with no justification. Koreans love sports and will definentaly put on a highly satisfying show in 2018.

    July 8, 2011 at 4:57 am |
  10. comeON

    Remember that America isn't America without the minorities but yet you speak as if you are one dominant blood. You are the only country that is a multicultural diversified country compared to one blood countries.

    July 8, 2011 at 4:59 am |
  11. Imlovinit

    gosh why are there so many crybabies? What's done is done! It ain't gonna change and you might as well accept it. Besides, other countries will get their respective turns in the future.

    July 8, 2011 at 8:08 am |
  12. military fund

    South Korean Government's Manipulation of Korean Men
    — The world should know about the South Korean Army and the injustice forced upon Korean men regarding the mandatory military service. It is well-known that a lot of young men from high-class families are able to get out of their 2-3 year military obligation unlike the unfortunate others. Also, the Korean government allows a monthly stipend of somewhere between 7-20 US dollars a MONTH depending on the work performed. Does it make sense that if you worked for your government for the length required- generally over 2 years- that you get nothing but regret for the loss of your precious time? There are solutions, however, that might resolve these problems.
    First of all, the Korean government should pay a normal wage to every single soldier that ever served and to the ones currently serving. Secondly, the responsible authorities should apologize to past and present soldiers for the unfair special treatment given out to men of 'distinguished' families. And, most importantly, after the military service, there are no job advantages for men who have spent most valuable young days there instead of building a career unlike women do. So, woman should go to the amy with almost no pay, too.
    I hope the world will pass judgement so that maybe the government will fix this problem because what the Korean government is doing is a serious violation against human rights

    July 9, 2011 at 3:51 am |
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    This is the important blog for participate in Olympics games .them are think about nation and social economy.In every single World Cup match, I see that there's a bit of "corruption" in favor of the host country. The win may also reduce the nation’s unemployment rate,South Korean experts believe that the potential economic benefits of 2018’s games .

    November 8, 2011 at 6:26 am |
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