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Because most cities have ended up falling massively in debt after hosting the games, cities without the necessary infrastructure may be better off not submitting bids. Hosting the games is even more costly than the bidding process. Once a city wins a bid for hosting the Olympics, cities commonly add roads, build or enhance airports, and construct rail lines to accommodate the large influx of people.
Housing for the athletes in the Olympic village, as well as at least 40, available hotel rooms, and specific facilities for the events, must be created or updated, as well. Benefits of Hosting the Olympics Cities hosting the Olympics gain temporary jobs due to infrastructure improvements that continue benefiting the cities into the future.
For example, Rio constructed 15, new hotel rooms to accommodate tourists. Additionally, thousands of sponsors, media, athletes and spectators typically visit a host city for six months before and six months after the Olympicswhich brings in additional revenue.
Drawbacks of Hosting the Olympics The boost in job creation for cities hosting the Olympics is not always as beneficial as initially perceived. Also, most jobs went to workers who were already employed, which did not help the number of unemployed workers.
Also, income from the games often covers only a portion of expenses. As ofLos Angeles is the only host city that realized a profit from the games, mostly because the required infrastructure already existed.
Additionally, it is difficult ascertaining exactly which benefits come from hosting the Olympics. For example, Vancouver had planned many infrastructure projects before winning the bid for hosting the games. Debt Resulting From Creating Olympic Arenas Many of the arenas constructed for the Olympics remain expensive due to their size or specific nature.
The Olympics in Rio de Janeiro Health concerns over the Zika virus that has been spreading in Brazil caused many athletes to withdraw from the games and spectators to not enter the country. Additionally, scientists determined that the water being used for boating and swimming events is contaminated with raw sewage and superbacteria, adding to health concerns.
The Bottom Line Hosting the Olympics tends to result in severe economic deficiencies for cities. Unless a city already has the existing infrastructure to support the excess crowds pouring in, not hosting the Olympics may be the best option.
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Get a free 10 week email series that will teach you how to start investing. Delivered twice a week, straight to your inbox.The Economic Impact of the Olympic Games Missing Graphs With the Olympic games being held in Sydney this year, I wondered if perhaps the performance of the economy was being affected in part by the fiscal stimulus provided by Olympic construction in Sydney and other parts of the country.
A quaint idea in the s, the Olympic Games are now the foremost sporting event in the world. Information on the winners and medals abounds, but this unique book provides information on the events surrounding the Olympics: political controversies, scandals, tragedies, economic issues, .
Type or paste a DOI name into the text box. Click Go. Your browser will take you to a Web page (URL) associated with that DOI name. Send questions or comments to doi. This page lists notable alumni and students of the University of California, torosgazete.com who also served as faculty are listed in bold font, with degree and year..
Notable faculty members are in the article List of UC Berkeley faculty. The Olympic Effect Andrew K. Rose, Mark M. Spiegel. NBER Working Paper No.
Issued in April NBER Program(s):International Finance and Macroeconomics, International Trade and Investment, Public Economics Economists are skeptical about the economic benefits of hosting "mega-events" such as the Olympic Games or the World Cup, since such activities have considerable cost and seem to.
Investigating The Economic Impact Of The Olympic Games Tourism Essay.
Print Reference this. Published: 23rd March, The most important period is after the Games however, since it is when the results will start to take effect. This is the aim of the host cities, to capture the long term economic effects or the economic legacy the.