Olympics and the hosts
Olympics and the Hosts
Major sports events like the Olympics are often seen as a potential source of economic regeneration. Yet, many are worried about the economic costs of hosting a major sporting event that only lasts for three weeks. These are some of the economic benefits and potential costs of the Olympics.
Major sporting events usually require upgrades to transport and communication links. This investment leaves a lasting legacy for the whole economy. Better transport links reduce congestion and help to improve efficiency for local business. It can help increase the productive capacity of the economy. For example, for the London Olympics in 2012 we have seen new rail links created in East London, and improvements to existing underground and over ground train services (London Olympic rail networks).
A major sporting event like the Olympics can attract 10,000s of people for the duration of the games. These foreign tourists bring a boost to the local economy. In particular the local tourist trade, shops / hotels will benefit from the surge in visitor numbers. However, it is worth noting that these visitor numbers tend to be temporary. The major sporting event only lasts for a few weeks; potentially there could be many empty hotel beds in the future. On the other hand people argue a major sporting event can lead to a long term growth in visitor numbers. E.g. China felt the Beijing Olympics created a feeling that China could be a popular tourist destination. Barcelona saw higher visitor numbers continue after the Barcelona Olympics of 1992.
Typically, major sporting events require investment in building stadium and hotels. This creates jobs for the local economy for up to 4 years before the event. These extra jobs help create a positive multiplier effect amongst the local economy. It was hoped that the London Olympics will help regenerate the east end of London. Some argue this temporary job boost can prove more permanent, if the economic regeneration
Major sports events like the Olympics are often seen as a potential source of economic regeneration. Yet, many are worried about the economic costs of hosting a major sporting event that only lasts for three weeks. These are some of the economic benefits and potential costs of the Olympics.
Major sporting events usually require upgrades to transport and communication links. This investment leaves a lasting legacy for the whole economy. Better transport links reduce congestion and help to improve efficiency for local business. It can help increase the productive capacity of the economy. For example, for the London Olympics in 2012 we have seen new rail links created in East London, and improvements to existing underground and over ground train services (London Olympic rail networks).
A major sporting event like the Olympics can attract 10,000s of people for the duration of the games. These foreign tourists bring a boost to the local economy. In particular the local tourist trade, shops / hotels will benefit from the surge in visitor numbers. However, it is worth noting that these visitor numbers tend to be temporary. The major sporting event only lasts for a few weeks; potentially there could be many empty hotel beds in the future. On the other hand people argue a major sporting event can lead to a long term growth in visitor numbers. E.g. China felt the Beijing Olympics created a feeling that China could be a popular tourist destination. Barcelona saw higher visitor numbers continue after the Barcelona Olympics of 1992.
Typically, major sporting events require investment in building stadium and hotels. This creates jobs for the local economy for up to 4 years before the event. These extra jobs help create a positive multiplier effect amongst the local economy. It was hoped that the London Olympics will help regenerate the east end of London. Some argue this temporary job boost can prove more permanent, if the economic regeneration