The Economic Impact Of The Olympic Games Essays - 1133 Words

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. Australia’s economy has been performing well recently, suggesting that there might be some effect. Over the last five years, growth in Australia’s gross domestic product has averaged 4.35%, almost a full point above it’s thirty year annual average of 3.5%, and the unemployment rate is near a ten year low. According to one estimate, the Olympics will tack on an additional six and a half billion dollars, about 1.6% of the GDP, to Australia’s GDP over the†¦show more content†¦This is estimated to generate an additional two and a half billion dollars in tourism exports (Arthur Anderson/CREA,1999, p 2). The Olympic games have also provided an important boost to employment. The Olympic Co-ordination Authority(OCA) estimates that more than 35,000 people have worked on Olympic Co-ordination Authority construction sites since the first project at Homebush Bay was started. It is estimated that since the Olympic Co-ordination Authority was formed in 1995, over twelve and a half million hours have been worked on Olympic related projects. There will also be multiplier effects. According to the Olympic Co-ordination Authority, every job created on a construction site created two more off site for suppliers, material producers and transport workers. (Olympic Co-ordination Authority,1999, p5.) The Olympics also boosted North South Wales’ employment by 5,300 in an average year of the 12 years representing the Olympic period. In addition 2,200 jobs were created outside North South Wales over the same period (Arthur Anderson/CREA, 1999, p3). It is also important to highlight the indirect benefits thatShow MoreRelatedThe Economic Impact of the Olympic Games1165 Words   |  5 PagesThe Economic Impact of the Olympic Games 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. Australias economy has been performing well recently, suggesting that there might be some effect. Over the last five years, growth in Australias gross domestic product has averaged 4.35%, almost a full point above its thirtyRead MoreThe Economic Impact of the Olympic Games3036 Words   |  13 Pagesevents are seen to have the ability to produce a wide range of significant economic and social benefits for communities and regions. In seeking to understand the field of special events, I took as a case study the Olympic Games mega-event. KEYWORDS: special events, Olympic games, mega-events, economic impact, investments INTRODUCTION The fundamental aim of this research is to measure the economic impact of the Olympics globally, regional and local. During the 1990s, there has been a growingRead MoreEconomic Impacts of Beijing Olympic Essay1245 Words   |  5 PagesEconomic Impacts of Beijing Olympic Bird Nest and Water Cube: We can all recall the opening of Beijing Olympic in Bird Nest where the gorgeous fireworks and fantastic shows were shown. As well as the Water Cube, an exquisite designed water stadium, which all the water competitions were hosted. After the 2008 Beijing Olympic, those multibillions infrastructures were put into use only a few times and for most of the time, they were empty. Some people believe the construction of those infrastructuresRead MoreOlympic Games Has Brought A Great Deal Of Economic, Cultural, Environmental, And Political Change Essay1734 Words   |  7 PagesIntroduction It has been witnessed that Olympic games has brought a great deal of economic, social, cultural, environmental and political changes to the host country. From the perspective of economics, Olympic games can overall positively contribute the host country in its economic growth, urban expandation, employment opportunities, households’ welfare improvement, etc. For example, Korea and Japan have comparatively experienced dramatic GDP growth after Olympics in Seoul in 1988 and Tokyo in 1964 withRead MoreThe Impact Of Olympic Games On Tourism And Hospitality Essay1063 Words   |  5 Pagesbig trend in tourism industry, lots of people because Olympic Games, stars, attractions and movies are fascinated. Because of this kind of industry, it will be a high salary in tourism and hospitality. Also, it will increase income tax, marking, local communities, great attractions, historical staff and natural environment. This paper will talk about Olympic Games impact tourism and hospitality wh y they rise taxes and marketing, and why impact local communities in order to increase their internationalRead MoreSustainable Tourism And Its Practices Within A Hallmark Event960 Words   |  4 PagesPAPER LONDON OLYMPICS, 2012 MOHIT PARTAP SINGH CONTENT Summary Overview Introduction Social impact Economic impact Environmental impact Opinion Conclusion Summary: This paper discuses about the sustainable tourism and its practices within a hallmark event. Sustainable tourism is very important because tourism is one of the world’s fastest growing industry and is major source of income of some countries. Tourism industry provide many jobs that help local economy. Olympic movement hasRead MoreThe Effects Of Post Olympic Games On The Olympics1118 Words   |  5 Pages‘Bubble economy’ is the third reason of the ‘valley’ effect of post-Olympic Games. Before the Olympics, many tourists and company go into the Olympic host country to consume. They will largely promote this country s development of the construction industry, tourism, services, retail and other industries. Especially in tourism, the Olympic Games will bring numerous tourists for host city, and these tourists will consume in the city, and these tourists need pay for food, accommodation, transport,Read More3. Literature Review There is a large amount of relevant material available regarding the short1300 Words   |  6 Pagesregarding the short term economic impacts of hosting the Olympic Games. There is however very little literature written on the post-games era and the economic development it brings to a nation. The economic impact of staging an Olympic Games can be hard to measure accurately. A number of studies exist that illustrate the economic impact of hosting the Olympic Games, often predicting large economic benefits. Humphreys and Plummer (1995), state that the short term economic impact to Atlanta hosting theRead MoreDoes Holding the Olympic Games Have Benefits for the Host Countryï ¼Å¸1550 Words   |  7 PagesAGRUMENTATIVE ESSAY Does holding the Olympic Games have benefits for the host countryï ¼Å¸ In recent years, the Olympic Games have developed into one of the most significant mega-international sporting events (Rocheï ¼Å'2000). More and more cities are bidding to host the Olympics and increasingly money are invested in Olympic bids, which is due to the reason that the government believe that they could get benefits from suchRead MoreThe Olympic Games Of The Olympics925 Words   |  4 PagesThe Summer Olympic Games is the leading international sporting event in which thousands of athletes from around the world participate in a variety of competitions. According to existing historical manuscripts, the first ancient Olympic Games were celebrated in 776 BC in Olympia. They were dedicated to the Greek god Zeus and took place in the same place every four years. This four year period became known as an â€Å"Olympiad† (International Olympic Committee, 2012). The first modern games were held in