The Olympics’ Economic Impact The Summer and Winter Olympics are a highlyanticipated sporting event that unites an abundance of countries; however, theOlympics is not merely a sporting event but also has an economic impact on thehosting country. Countries invest billions of dollars during this event inhopes of seeing a positive increase in their economy, yet this is not alwaysthe case. Well developed countries gain a positive economic impact that couldpay off their expenses due to an increase in tourism, spending and updatedinfrastructure (“What Is the Economic Impact of Hosting the Olympics?”).
On theother hand, developing countries increase their debt by hosting the Olympics,which can take decades to pay off. In order for a country to host the games; theymust prove that they are capable of handling a big economical change, and showthat they afford to build new venues with a high level of security (HowOlympic Locations Are Chosen). If a country with a low national Gross Domestic Product (GDP) hosts theOlympics, then it will cause a negative economic impact, whereas if awell-developed country with a high GDP were to host the Olympics, then it willcause a positive economic impact.
When an economicallystable country decides to bid to host the Olympics, it is easily accepted bythe International Olympic Commission (IOC). This is because developed countrieshave a financially stable status and are able to pay for the expenses ofhosting the Olympics. On Dhatt 2 the contrary, when Brazil decided tohost the 2016 Summer Olympics, it caused a lot controversy because Brazil wasfacing one of the worst recessions in decades; increasing the unemployment rateand rapidly increasing inflation (“What Is theEconomic Impact of Hosting the Olympics?”). The International OlympicCommission was unsure if Brazil would have any success in hosting the games asit was thought to make their economy in an even worse state by adding to theirdebt.
(“Brazil’s Economy May Hit Bottom Duringthe Rio Olympics”). However, Brazil insisted on hosting the games toboost national prosperity. In order for Brazil to secure the games, they had toconvince their citizens that while there couldbe a possibility of adding on debt to the economy, part of the debt will betaken care of. Brazil believed that hosting the Olympics will allow theircountry to have the perfect opportunity to improve their infrastructure,land and allow new jobs to be made. Their firstpromotional step was to make visas easily accessible and to have newly updatedinfrastructure.
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(“Rio Olympics 2016:economic gain or loss?”). Over 200 institutions around the world hadnotified the IOC that they would much rather have the games be moved to anothercountry or postponed, as they claimed that the World Health Organization (WHO)was failing to evaluate the risks of the Zika virus at Guanabara Bay. But Brazilian officials promised that everything wouldbe resolved before the games were to start.
Due to health and safety concerns,the country will have to re-evaluate their infrastructure plans, in order tosuccessfully build 12 stadiums and update national transportation. TheBrazilian The Olympics’ Economic ImpactThe Summer and Winter Olympics are a highlyanticipated sporting event that unites an abundance of countries; however, theOlympics is not merely a sporting event but also has an economic impact on thehosting country. Countries invest billions of dollars during this event inhopes of seeing a positive increase in their economy, yet this is not alwaysthe case. Well developed countries gain a positive economic impact that couldpay off their expenses due to an increase in tourism, spending and updatedinfrastructure (“What Is the Economic Impact of Hosting the Olympics?”). On theother hand, developing countries increase their debt by hosting the Olympics,which can take decades to pay off.
In order for a country to host the games; theymust prove that they are capable of handling a big economical change, and showthat they afford to build new venues with a high level of security (HowOlympic Locations Are Chosen). If a country with a low national Gross Domestic Product (GDP) hosts theOlympics, then it will cause a negative economic impact, whereas if awell-developed country with a high GDP were to host the Olympics, then it willcause a positive economic impact.When an economically stable country decides to bid to host theOlympics, it is easily accepted by the International Olympic Commission (IOC). This is because developed countries have a financially stable status and are able to pay for the expenses of hosting the Olympics. Onthe contrary, when Brazil decided tohost the 2016 Summer Olympics, it caused a lot controversy because Brazil wasfacing one of the worst recessions in decades; increasing the unemployment rateand rapidly increasing inflation (“What Is theEconomic Impact of Hosting the Olympics?”). The International OlympicCommission was unsure if Brazil would have any success in hosting the games asit was thought to make their economy in an even worse state by adding to theirdebt. (“Brazil’s Economy May Hit Bottom Duringthe Rio Olympics”). However, Brazil insisted on hosting the games toboost national prosperity.
In order for Brazil to secure the games, they had toconvince their citizens that while there couldbe a possibility of adding on debt to the economy, part of the debt will betaken care of. Brazil believed that hosting the Olympics will allow theircountry to have the perfect opportunity to improve their infrastructure,land and allow new jobs to be made. Their firstpromotional step was to make visas easily accessible and to have newly updatedinfrastructure. (“Rio Olympics 2016:economic gain or loss?”). Over 200 institutions around the world hadnotified the IOC that they would much rather have the games be moved to anothercountry or postponed, as they claimed that the World Health Organization (WHO)was failing to evaluate the risks of the Zika virus at Guanabara Bay.
But Brazilian officials promised that everything wouldbe resolved before the games were to start. Due to health and safety concerns,the country will have to re-evaluate their infrastructure plans, in order tosuccessfully build 12 stadiums and update national transportation. TheBrazilian
