On this Tuesday, the 12^th of March 2013, 115 cardinals will gather to select the next Pope. Rome’s struggling economy is hoping that the event will boost business writes Stephan Faris:

• The last big Vatican event was the beatification of John Paul II in 2011 which is estimated to have brought in €235 million in revenue for Rome.
• Yet this year’s conclave hasn’t brought the crowds that many were hoping for. While Expedia saw the number of trips to Rome double, overall few people seem to be planning to attend.
• The surrounding shopkeepers will move quickly once the new Pope is announced. One says that they’ll have small posters of the new Pope within an hour of his announcement. Key chains and framed photographs will soon follow.

Read more about the economics of the conclave, the 5,000 journalists who will be covering the event, and the price of managing any crowds that show up over here

Source: Businessweek