The International Olympic Committee on Tuesday announced the postponement of the Tokyo Olympic 2020 due to the global pandemic, coronavirus. The Tokyo Olympic and Paralympic Games were due to start on July 24. But, now the games would be held in summers 2021.
The decision of postponement is taken in a conference call between Japan’s prime minister, Shinzo Abe, and the International Olympic Committee president, Thomas Bach. Japan’s Prime Minister Shinzo Abe while talking to reporters after the decision said:
Japan has spent more than 12bn dollars on the event so the postponement will affect the country to a great extent. While sponsors and broadcaster will also suffer because of this. Goldman Sachs estimated this month that Japan would lose $4.5bn (550bn yen) in inbound and domestic consumption in 2020 if the Olympics did not take place as planned.