Olympic

Relationship between Olympic and economy
How can Olympics affect the economies of countries and how much it can?
                                                                                   
| Benefits | Cost |
Pre-Games phrase | TourismConstruction activity | Investment expenditurePreparatory operationalcosts (including bid costs)Lost benefits from displaced |
Games phrase | TourismStadium & infrastructureOlympic jobsRevenues from Gamestickets, TV rights,Sponsorship, etc.) | Operational expenditureassociated with GamesCongestionLost benefits from displacedprojects |
Post-Games phrase | TourismStadiums & infrastructureHuman capitalUrban regenerationInternational Reputation | Maintenance of stadiumsand infrastructureLost benefits from displacedprojects |
Table 1 - Key economic benefits and costs of the Games
Table 1 - Key economic benefits and costs of the Games
It is a well-known fact that any countries around the world try to be picked as a host country of Olympic. It is important to draw a distinction between the financial impact of hosting the Olympics and the wider economic impact of the Games. The financial impact of the Games relates specifically to the budgetary balance of the host city’s organising committee, and whether the financial costs of hosting the Games can be met by the revenues directly generated from Games events. The economic impact, on the other hand, relates to the wider effects of the Games on the general economy arising from associated factors such as increased tourism and improved infrastructure. Clearly, for large economies such as the United States, the economic impact of hosting the Games is likely to be significant primarily at the local or regional level, rather than at the macroeconomic level. But for a smaller economy such as Greece, these effects are likely to be felt also at the national level. The macroeconomic effect of hosting the
Olympic Games received little serious attention prior to the first...