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What are some economical benefits of the olympics?
Encourages Investment to Infrastructure
This investment leaves a lasting legacy for the whole economy. Better transport links reduce congestion and helps to improve efficiency for local business. It can help increase productive capacity
Influx of Tourism, From All Parts Of the World
What are some social benefits?
The tourist industry won't just boom during the four weeks that the Olympic and Paralympic games actually take place, but for months and years before and after the event.
Price Waterhouse Coopers believe the Sydney games gave Brand Australia A$6.1bn worth of additional publicity and over A$6bn worth of spending from 1.6m visitors between 1997 and 2001. Between 1993 and 1996, after Sydney had been named as the host city for 2000, its convention and exhibition sector grew with the number of international visitors increasing by 78%.
An economic study of the financial impact of the 2010 Olympic projects in combination with the expanded Convention Centre reports incremental tax contributions − largely from tourism, hospitality and conventions − of nearly $2.5 billion over 20 years.
Everyone knows that the olympics are not meant to push countries, people, races away, but to bring them together. The olympics are there to showcase the best athletes in the world, while promoting peace, and fair play. Although there is always a competetive edge to everyone competing, there is also a sense of pride since they representing their family, friends, country and ultimately themself. And accompanying this, nobody wants a bad rep put on them because of something stupid they did.
Last but not least, the Olympics provide great oppertunity's for businesses to thrive!
Businesses in New South Wales won A$1bn worth of contracts from the Sydney games and an additional A$300mn was generated by local business. Over 55,000 people received employment related training. If London hosted the Olympic games, thousands of UK firms could be involved in supplying everything from construction to manufacturing, catering to merchandise.