Economic Impact Of The Olympic Games

843 Words2 Pages
bulb-icon

Recommended: Economic and social impacts of the Olympics

Economic Impact of Beijing Olympic games in China
Introduction
Starting with the Los Angeles Olympics of 1984, the United States creatively combined the Olympic games with commerce, and the concept of regarding the economic impact of hosting the Olympic games was first introduced. It was a valuable chance for the host city to take the advantage of international influence and business opportunities generated from the Olympics, improving the international standing and prestige and boost the local and national economic development. With the aim of presenting a democratic, open, civilized, friendly, and harmonious China to the world, the Chinese government invested nearly $40 billon infrastructure construction from 2002 to 2006, which made Beijing …show more content…

(Lee, 2008) The plan not only included the construction of large gymnasiums, but also a makeover of Beijing as a whole. There were 32 Olympic-related buildings were built or refurbished in Beijing, including the Olympic stadium, venues, athletes’ villages, Journalists’ villages, media communication facilities and so on, with overall investment of $3 billon. (Kang, 2009) The large gymnasiums, such as the National Stadium (nicknamed the Bird’s Nest) and the National Aquatic Center (nicknamed the Water Cube), were well designed and constructed by internationally renowned architects, and they are still being used after the Olympics for holding large events or sport …show more content…

Research showed that for every100 thousand RMB of investments would lead to the employment of one worker. (Kang, 2009) Accordingly, the total amount of investment of $40 billon would create about 2788 thousands of job opportunities in Beijing. By comparison, there were only 1600 thousands of job opportunities created by Sydney Olympic games in 2000. (Li, 2012). Such a large demand of employment would stimulate China’s economic and industrial development for sure.

Another big change that Olympics brought to Beijing was the rapid increasing amount of tourists. According to Chen Jian, resident of the Beijing Olympic Economic Research Association, 2.5 millions domestic tourists and about 600 thousands of foreign visitors would visit Beijing during the Olympic games, with the total tourism expenditure about $4.9 billon. (Lee, 2008) Admittedly, since Beijing had been advanced the traveling environment and infrastructure constructions, it would attract more people to come and

Show More
Related

  • Propaganda Purposes in the Olympic Games

    672 Words  | 2 Pages

    As the base of this essay is on how the Olympics have been used in the

    Read More

  • The Pros And Cons Of Boston Hosting The Olympics

    335 Words  | 1 Pages

    We shall start with the positive externality. Hosting the Olympics in Boston would bring benefit to the construction crews in Boston. The Olympics is an international event that attracts immense amount of visitors. In 20012, the London Olympics has attracted 680,000 over sea visitors1. Since these visitors are from oversea, they will require temporary residence for their stay in Boston. Thus leading to an increase in need of Hotels and Restaurants. Apart from the stay, setting up temporary

    Read More

  • The Reasons Behind the Increasing Commercialism of the Olympic Games

    521 Words  | 2 Pages

    The Reasons Behind the Increasing Commercialism of the Olympic Games The Olympic Games is a world wide event, held once every 4 years. It is the most important event amongst the elite athletes of today. It is viewed on television by billions of people across the world, by satellite transmission (started in Tokyo in 1964). This worldwide viewing attracted sponsors as they realised that by supporting the Olympics their product would be advertised on every product sold, as they would be the 'official sponsor'. The advances in technology has played a fundamental role in the increase in commercialism, as large sums of money are put forwards for television rights over the Games from companies such as Sky, the BBC and ABC.

    Read More

  • The Nazi Olympics of 1936

    632 Words  | 2 Pages

    The Olympic Games showcase a rare opportunity for the host country to show the world their culture, hospitality, talent, and acceptance of others. The Berlin Olympics of 1936 were no exception. Declared the best of their day, Germany spared no expense to impress the thousands of tourists who flooded the country. By building of a new sports field, an enormous Olympic Stadium, and the first official Olympic Village, Germany was determined to amaze the world. Despite these lavish projects, the Nazi Olympics were, at their very core, a gleaming illusion used to hide a nation on the verge of annihilating a decade of peace.

    Read More

  • Overview of the Olympics

    578 Words  | 2 Pages

    The Olympic Games have been held every four years since 1896. Three times, the games were not held because of a world war. There were no games in 1916, 1940, and 1944. The first competition in modern times was held in Athens, but not all of the games have been held there. The Olympic Games are held in many different cities around the world. The 2008 Olympic will be held in Beijing, China.

    Read More

  • Bo Jackson: A True American Icon

    1519 Words  | 4 Pages

    Close, Paul, David Askew, and Xin Xu. The Beijing Olympics the Political Economy of a Sporting Mega-event.. Hoboken: Taylor & Francis, 2006.. 34-35

    Read More

  • The Scope And Objectives Of The London Olympic Games 2012

    994 Words  | 2 Pages

    The following essay provides discussions of the scope and objectives of the London Olympic Games 2012, and identifies event major stakeholders. Work break-down structure, McKinsey 7S, PESTLE Model and other relevant planning techniques will be introduced to demonstrate project requirements such as infrastructures, financial, man-power, technologies, resources, risks management, operations, procedures and more. This essay will also point out the obstacles faced by the project manager during the preparations of the events, and provide solutions adopted that influenced project outcomes.

    Read More

  • The Importance Of The Olympic Games

    1361 Words  | 3 Pages

    The Olympic Games plays a significant role in the world. The relationship between it and host countries is important to investigate for comprehending cultural studies. According to Xu and Kirby (2008), the Olympic Games has a considerable impact on the expression of national identity. For example, London applied this approach to promote its national identity. This can be discovered from the BBC video called James Bond escorts The Queen to the opening ceremony in 2012 (2012): an amiable identity is perceived by the audience through presenting corgi at Buckingham Palace. Moreover, China is no exception. There is an image about the opening ceremony of the 2008 Olympics, it shows a spectacular drumming performance. In addition, an article about

    Read More

  • Post Olympics Economic Effects

    1174 Words  | 3 Pages

    The phenomenon was mainly caused by a dramatic investment increase or excessive social and psychological expected at the pre-Olympic stage. Normally, it will lead to a waste of infrastructure, facilities idle, the Olympic host city real estate prices fell, and the stock market fell, in part or in overall economic growth slow down after the Olympic Games. According Josh Sanbum’s report “For years, studies have shown that holding the Olympics often has severe negative economic effects on host cities, despite the temporary burst of tourism and global attention. The competition between cities often causes governments to go financially overboard merely to win an Olympic bid. Once construction gets under way, governments often fail to budget properly. And after the Games are over, many cities are left with infrastructure that suddenly has no real use.” (2012).That shows the Olympic Games often has serious negative economic effects on host

    Read More

  • Essay About Hosting The Olympics

    1258 Words  | 3 Pages

    The Olympics is a mega sport event which is presented once every four years and it has become a golden opportunity for hosts to emerge as a strong country. Hosting the Olympics is a big thing for every country and they receive worldwide attention from the preparation period until the actual event. However, hosting the Olympics comes with heavy stakes and experts tend to argue about the appropriateness for the countries to host it. There may be people who oppose with hosting the Olympics, however, the country rebranding, the economy hike and also the pride and patriotism of citizens just demonstrate the need of hosting the Olympics for the development of the country.

    Read More

  • Is hosting the Olympic Games bring any benefit to the host countries?

    1396 Words  | 3 Pages

    Firstly, being the host of a major sporting event such as the Olympics could actually benefit the hosting countries’ economic and cultural benefits of the Olympics. The Olympics have a very wide reach in this modern day with. This is a plus especially with the existence of today’s social media and the Internet. In the economic side, it could actually be a very powerful marketing and publishing tool for the host country. With all the present technology that is available nowadays, it actually is a good way to promote a certain country to the world. This eventually increase the economic level of the country that is hosting it, as they will receive visitors from all over the world and they will eventually spend their money to the host countries, thus improving their economics. Winbey (2014) states that the 1984 Los Angeles Olympics are somet...

    Read More

  • The Role of Economics in Sports

    5002 Words  | 11 Pages

    "Money makes the world go 'round." Sports could not exist without the presence of money. You have high paid athletes asking for multi-million dollar contacts, while at the same time you have doctors not even making close to that amount. There are corporations buying out sports teams, buying stadiums, and buying everything that has to do with sports. Someone may ask why they do this. Sports are one of the most profitable industries in the world. Everyone wants to get their hand on a piece of the action. Those individuals and industries that spend hundreds of millions of dollars on these sports teams are hoping to make a profit, but it may be an indirect profit. It could be a profit for the sports club, or it could be a promotion for another organization (i.e. Rupert Murdoch, FOX). The economics involved with sports has drastically changed over the last ten years. In the United States, we spend about 13% of all money on sports and entertainment. Sports has obviously done its job; entertained and drained money out of our pockets.

    Read More

  • Olympics

    1820 Words  | 4 Pages

    ...cive to hosting the winter games, and the other area suitable for the summer games. Since the International Olympic Committee has the funds, and the final say in location, they should pay the costs associated with establishing and constructing a permanent Olympic site. There could also be a fee paid by each nation to participate in the Olympic Games, and this money could go towards the upkeep of the facilities. As stated above, the International Olympic Committee makes a great amount of money just by selling broadcasting and licensing rights, and the income generated from this could be used to pay all other costs associated with maintaining the games.

    Read More

  • The Modern Olympic Games

    1122 Words  | 3 Pages

    The Olympic Games are a spectacle that all enjoy all over the world. The Olympic Games are a series of sporting events that are played by people all over the world. These athletes come from all corners of the globe to one place that changes every two years to partake in an epic event. Billions of people sit at home to watch the glory that is the Olympic Games, and some are even lucky enough to go to see the games in person. It seems that the Games always had this majestic feeling dating back to some of the very first Olympic Games, which can be traced to as early as 776 B.C. The Historic Olympic Games took place every four years in Olympia. These Games, however, have some other major differences to the Games of today. Firstly,

    Read More

  • Events Industry's Impact on Regional Development

    1259 Words  | 3 Pages

    Global events benefit regional, tourism and community development. Take for instance the Commonwealth Games and the Olympics. They both are events held globally that increase visitor’s expenditure and length of stay while improving destination awareness and increasing civic pride. Janecko, Mules and Ritchie (2002) explain events in small regional destinations are obviously beneficial and often play an important role in tourism development and thereby in regional development however, differ due to size and scale of the event. Global events create employment and increase labour supply, expenditures and even the standard of living. ‘As local economics have adapted to changing to global dynamics, the hosting of international events has become more commonplace and can play a significant role in local development, acting as a catalysts for jo...

    Read More

More about Economic Impact Of The Olympic Games

Open Document