Sunday, August 24, 2014

Fransinomics: A Papal Economic Boom



Jesus was not only concerned about spiritual growth of persons but also growth of the whole person, i.e. body and soul. For example, Jesus not only taught the crowds on the meadows but he also fed them with bread and fish. Jesus also speaks about buying and selling in the parable of the kingdom of God. He explains that a person goes beyond to buy the precious stones; the person sells off and buys the precious stone. Jesus never neglected the tax collectors despite the taboo in the then society against them. In fact, Jesus embraced and called them to be his disciples. Jesus very often spoke about money, like lost coin, master giving denarii to the servants (talents). Hence it is clear that Jesus had a special concern for economics and its impact in the lives of the people.
Recent visit of the Pope to Korea showed a tremendous increase of faith among the people of God. One priest exclaimed,  “pope visit is like a injection for our faith, he has created ripples in our faith.” It is a clear sign of boom in the faith of the people. Pope Francis touched the hearts of the people of Korea. It was really a blessing for the Church in Korea during and after the visit of the Holy Father.
Holy Father’s visit has created a ‘Francis Factor’ in Korea and impacted in the rise of tourism in the country and the places where the Pope set his foot. The theme for the tour of the Pope, “Healing Tour” has really effected in bringing about a cultural and relaxing time for the people of Korea. It is a boost to the Korean tourism.
How has the visit of the Holy Father affected the economy of Korea? This is what I am interested in. According to the Lastampa online magazine, the Pope’s visit has given an economic push to the country in most possible ways. I am intrigued to cast my imagination to the expenditure and returns of the visit of the Pope. I don’t have data handy to explain, what is the incurred expenditure to the Korea Church and the Korean government for the recently concluded Papal visit to the country. It is noteworthy to think that when a well-known person like Pope Francis visits, expenditure must be quite high, like his security, tour to different parts of the country, pilgrims expenditure so on. Hence, it is a big money enterprise.
Pope’s visit also can impact on the returns of the country as it happened in Korea. During the visit of the Pope the Korean economy increased in its profits. Hence generating more income to the companies in Korea. According to the Hyundai Research Institute in Seoul, the economic impact of the Pope’s presence can be estimated to an increase of internal expenditure of 500 billion won (around 491 million US dollars). It is a significantly positive sign for Korean economy, that risks drying up: there has been a moderate increment in the internal consumers demand – that the government has been trying to incentivise for months – since over one million people and 100 thousands tourists have travelled and paid to attend various events on the programme. The Chosun Ilbo, the biggest Korean newspaper, confirms that the Papal visit has generated a “mini-boom” for hotels, restaurants, shops, transports and local markets.

The Korean sponsors are also rejoicing: the products that the Pope used have all experienced a rise in sales and an undeniable impact on corporate image. An example, above all, is Kia Motors: its model of city car called “Anima”, that Francis used to travel around Korea, has registered a 62,5% rise in sales in the month of August alone. The same goes for Seoksu mineral water, made by the famous beverage company Hite Jinro, that talks about profits above their investments (Lastampa online).

I am inclined to think that Papal visit can bring a great economic profits to the nation. Especially present Pope with his increasing popularity can create opportunities to the big and small investors. Aforementioned profits by the big companies can generate more job opportunities to the people because of the demand being high (everyone would like say that they are using a brand of car that is used by the Pope). Not to mention the rise in the profits of the small investors, like the street vendors on the site of the tour. Hence, everyone is satisfied in spirit and body. Everyone is benefitted both spiritually and temporally. What are we waiting for, let us invite the Pope to our countries!

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