Politicians justify spending on the London Olympic Games as “being good for the economy”. Explain their reasoning. Introduction Summer this year in London will see the opening of the XXX Games of the Olympiad. The games are set to start on the 27th of July to the 12th of August and will mark the third time that the city will host the games…
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With the onset of the games, government officials are declaring that the games would be good for the economy and justify spending because of the benefits which the games can bring to the city and the country in general. This paper shall explain the various justifications being made for the spending on the London Olympic Games. Body In general, the Olympic Games is a major sports event which has a significant scale and can potentially bring about economic developments for the host city or for the host country as a whole. The games usually unfolds for a few weeks only however, the preparations for the games usually takes place months, even years before the event and would require considerable investments from the government and the private sector. Its impact on the economy soon after the games can also be significant and sustainable for years after the event (Pricewaterhouse Coopers, 2004). This potential can also be seen with the London Olympics. The exact economic impact of the Olympic Games to the host country or city is spread out over years and is seen in three stages – before, during, and after the games. ...
During the games, economic activities within the city would also increase through the tourists and through the athletes attending the games. Finally, after the games, the Olympic legacy potentially would keep drawing in more tourists and investors because of the infrastructures and the other attraction which the city can now offer (Pricewaterhouse Coopers, 2004). Tourism is one of the major benefits of the Olympics, one which can be seen before, during, and after the games. The Olympics provide a special avenue which draws local and foreign tourists to the city. Visitors who are involved in the games, including the athletes, coaches, and other team officials, as well as the spectators, media, and sponsors are to be accommodated within the city (Booth, 2009). The promotion of the games would also draw in the tourists due to the media exposure and enhanced international reputation. The visitors would start to trickle in within a few months from the games and would swell to bigger numbers during the games. Therefore, the Olympics can sustain the city’s economy for several years after the Games (London Development Agency, 2008). Tourists can increase demands on the regional and local economy with visitors spending money on food, accommodations, transportation, and tickets for the Games. The revenues from the media broadcast and sponsors will also accrue to the city; and the IOC would generally profit from these revenues (Pricewaterhouse Coopers, 2004). Secondary effects would also be seen with money being spent within the host country. This is known as the multiplier effect where additional activities and employment opportunities related to the games are made
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