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It is a common theory that hosting the Olympics would naturally promotes exports of a nation. The International Olympic Committee (IOC) suggests that visitors are naturally drawn in to the Olympics due to the sheer magnitude and exposure it receives. Consequently, due to evidence highlighted above, the Olympics shouldn’t be considered the golden jackpot in solving recession related issues of stagnating growth or high unemployment as, if managed poorly after, the games can cause detrimental burden on the economy.
Although an initial injection is received, the costs in maintaining the newly built stadiums (seen in Greece) create an opportunity cost as government expenditure can be spent in other areas such as education and thus slowly drains the economy. However, other factors outside the Olympics must be considered for Greece’s declining economy, such as its debt crisis. After having lied about its debt receipts in fulfilling the Maastricht Criteria to achieve European Union membership, greater problems lie internally, in the heart of the government. Such negative financial effects are not seen in any other countries after Olympics, so the games should not be blamed for not reviving the economy.
In summary, the Olympics have provided such benefits unparalleled to any internationally recognised sporting event. It’s pure magnitude itself commands attention from media, television and through today’s inexpensiveness to travel, it has been enjoyed by many communities throughout the world.
This has bought further injections into the economies like the UK discussed, with multiplier benefits achieved by surrounding restaurants and hotel chains in particular. In the middle of summer, it has encouraged not only international tourism but also domestic spending as people feel inclined to spend to celebrate the occasion. Due to its infrequent and unrepetitive nature, it is unlikely for the UK to host the Olympic games for another 50 years, thus domestic consumers feel the urge to create a memory out of it through purchasing memorabilia.
The slogan of “inspiring the next generation” is also an umbrella term for what the Olympics is trying to achieve outside of financial success. Something much bigger is realised, whereby the next generation, including young teenagers back then like myself, to become ambitious after witnessing success of British athletes. Furthermore, it forces athletes to become a role model as they have now gained a larger audience through using the Olympics as a platform.
Personally, I can attribute to such influence after watching fellow Englishman Anthony Joshua win gold in boxing during the 2012 London Games. He is a prime example of using the Olympics to his advantage and promoting the sport in a positive light. After turning professional after the Olympic games, he now generates big headlines international whilst embodying the ideal primary Olympic effect of influencing the next big boxing stars of our generation. He is a brilliant ambassador for the sport, carrying the torch after other great boxers such as Lennox Lewis and Frank Bruno. His positive personality highlights how one should behave inside and outside the ring.
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