Economists don't expect Brazil's economy to get an immediate boost from hosting the 2014 World Cup, but some say the long-term benefits will be 'priceless.'
"The net gains… will be substantial, but they are unlikely to be realized during the event; the gains will come in the years following the event and will be indirect," said Walter Boettcher, chief economist at Colliers International.
According to Colliers' report 'FIFA World Cup 2014: Brazilian Goals' published Wednesday, the benefits of hosting the World Cup are not purely financial, but rather linked to a nation's 'branding' in the international community.
"Playing host will immediately raise the global profile of a country and might even change perceptions of the host nation, resulting in increased tourism and political benefits and alliances, but accrue over many years," said added Boettcher.
"The World Cup will act as a giant advertisement for Brazil and its host cities, showcasing them as places in which to invest, visit and live," he added.
The report highlighted how South Korea, China and South Africa's international profiles benefited from hosting the World Cup in 2002, 2008 and 2010.
Furthermore, it noted that Brazil's is set to host the 2016 Olympics in Rio de Janeiro which should provide a "double whammy" effect for the country's economy.