WASHINGTON (Sputnik) — The upcoming summer Olympics will give the Brazilian city of Rio de Janeiro an economic boost and some infrastructure improvements but will not solve the country’s deepening economic slump, Moody’s Investors Service said in a report released on Monday.
"The overall impact of the games will be minimal for most corporates, consisting of short-lived sales increases and the intangible benefits of marketing exposure at the games," the report stated.
Moody’s explained that any economic benefit for Brazil’s engineering and construction companies is likely already over as most of the Olympic construction projects have been completed.
The opening ceremony of the 2016 Summer Olympic Games is scheduled to take place on August 5, and a number of world leaders are expected to attend the event.
