Expo Milano 2015 ends in triumph

Expo Milano 2015 was a huge success and gave the Italian economy a much-needed jump-start. Between May 1 and October 31, the world fair attracted more than 20 million visitors to various pavilions set up by 145 countries, three international organisations, and several civil society organisations.
Of the 20 million visitors, 25 per cent were foreigners, states a leading global credit insurer Euler Hermes' study titled Expo Milan 2015: The end or a fresh start? The event gathered significant interest at home and abroad and accrued an estimated profits of ?6 billion from the tourism sector. In contrast, ?3 billion was spent on infrastructure associated with the venue.
The economic impact
"The positive momentum from Expo is expected to produce a value equal to 0.1 per cent of the Italian GDP in 2015, concentrated in the third quarter," said Ana Boata, European Economist at Euler Hermes. "The expectation is a total GDP increase amounting to 0.7 per cent in 2015 and to 1.1 per cent in 2016, with the economic recovery speed remaining moderate."
The six-month long exposition hasn't just had a positive effect on demand from abroad, but also given an impetus to the domestic economy after years of decline, which is a positive sign. Consequently, consumer confidence is rising and durable goods purchases are increasing.
The labour market is on the rise with 295,000 new jobs following an all-time-low in November 2014. The unemployment rate is expected to drop from 12.7 per cent in 2014 to 12 per cent in 2015 and further to 11 per cent in 2016.
"Many industries are benefiting from a positive Expo impact. Specifically, revenues from tourism-related sectors have increased, especially in Milan and the Lakes region. These higher revenues helped increase the turnover of companies in the service industry, with the highest peaks being registered by the wholesale and distribution sector (4.2 per cent year-on-year in the second quarter of 2015), hotels and catering (up 2.9 per cent), transport-related sectors (2.1 per cent) and commercial services (1.3 per cent). Moreover, Expo encouraged the inflow of foreign direct investment to a level of ?6 billion between February and April, the highest quarterly figure achieved since the end of 2013," states the report.
The UAE pavilion
It was a great opportunity for the UAE to showcase its prowess in the field of sustainable development and quality in the production chain. In tune with the larger theme of the expo: Feeding the Planet, Energy for Life, the UAE pavilion was beautifully designed by Sir Norman Foster in the shape of a wadi, and touted as among the most beautiful constructed pavilions around.
The experience gathered at the Expo Milano 2015 is invaluable for the UAE contingent. With hopes of performing better and hosting an event that the world has never seen before, the UAE is looking forward to welcome all with a theme: "Connecting Minds, Creating the Future". 
Total visitors-20 million
Participating countries-145
Profits from tourism sector-?6 billion
Outlay for venue construction-?3 billion
suneeti@khaleejtimes.com