Discuss the economic impact of the London Olympics 2012, examining employment, output and funding for the event.
In this essay, I will be discussing the economic impacts of the London Olympics 2012. But before this can be done it is necessary to present a context of what the Olympics are. Subsequently after, I will explain the term ‘Economic Impact’ in relation to the London Olympics 2012 and examine is impact on employment, output and funding for the event. I will then move on to the main part of my essay and consider the advantages and disadvantages to British society of hosting the Games.
The Olympic Games is a major international event featuring summer and winter sports, in which thousands of athletes participate in a variety of competitions. The Olympic Games have come to be regarded as the world’s foremost sports competition where more than 200 nations participate. The Games are currently held every two years, with summer and winter Olympic Games alternating, although they occur every four years within their respective seasonal games. The term Economic impact is defined as ‘The effect that an event will have on economic factors such as interest rates, consumer confidence, stock market activity, or unemployment.’ In relation to the Olympic Games, the economic impact positive or negative effect on microeconomic factors like firms and businesses and then on macroeconomic factors like unemployment, Real Output (GDP) and government spending.
Initial funding for the London 2012 project comes from both the public and private sector. The privately funded Organising Committee is the London Organising Committee of the Olympic Games and Paralympic Games Limited (LOCOG). This company is responsible for the planning, funding, preparation and staging of the London 2012 Games. The company has a core budget of over £2bn, with almost all revenue raised from the private sector. LOCOG receives income from the International Olympic Committee (IOC) as well as...