Olympics - Pros And Cons

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The Olympics are a great and mighty tradition that has been around for hundreds of years, and being able to host such an amazing event, is an honor. For example, during the 2010 Vancouver Winter Olympics, many people would agree that it was a once in a lifetime opportunity and the “good-feel” factor that it brought with it, especially being downtown. Besides being an honor, the Olympics bring thousands of people to one place, meaning that all of them are going to have to spend money in the location of the Olympics. The amount of money that is made off of the Olympics is outrageous. A major sporting event like the Olympics can attract 10,000s of people for the duration of the games. These foreign tourists bring a boost to the local economy. In particular the local tourist trade, shops / hotels will benefit from the surge in visitor numbers. However, it is worth noting that these visitor numbers tend to be temporary. The major sporting event only lasts for a few weeks; potentially there could be many empty hotel beds in the future. On the other hand people argue a major sporting event can lead to a long term growth in visitor numbers. China felt the Beijing Olympics created a feeling that China could be a popular tourist destination. Barcelona saw higher visitor numbers continue after the Barcelona Olympics of 1992. Major sporting events usually require upgrades to transport and communication links. This investment leaves a lasting legacy for the whole economy. Better transport links reduce congestion and help to improve efficiency for local business. It can help increase the productive capacity of the economy (shifting aggregate supply to the right). For example, for the London Olympics in 2012 we have seen new rail links created in East London, and improvements to existing underground and overground train

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