According to this article, the Olympic games have a great effect on the economy and trade. When the Olympics are held exports increase by 30% and although it costs tons on of money to hold these games, in the long run it all evens out.
http://www.theatlantic.com/politics/archive/2009/04/does-the-olympics-help-an-economy/13051/
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This is a good website in contrast to the economy dealing with the Olympics today. It illustrates the economy statistics during the Olympic Games. The weak economy is affecting the Olympics in many ways such as the US Biathlon, ski and snowboard, curling, and luge. The federation should take action and do something about the economy so the Olympics Games can be enjoyable by the end.
ReplyDeleteIt is interesting to see all of the different views of weather the Olympics helps or hurts the local economies of where they take place. The only thing that all of the opinions seem to have in common is how large the cost of hosting the Olympic games is.
ReplyDeleteI never really thought about how much the Olympics would help out the economy but after reading the article it does make a lot of sense. With all the money that goes into a city holding the Olympics, it might seem like it would hurt the economy but really the trade goes up by about 30%. Its not even just the imports that affect the increase in the trade, the exports have just about the same effect on trade.
ReplyDeleteSometimes the place that is holding the actual games loses money but the local economy gains a lot from it. I find that interesting, I would think that if the local economy is gaining from it then the city holding the event would be too, and wouldn’t be losing anything on it in the long run. After reading this article it does seem like there are more positives with the economy from the Olympics than negatives.
I think that if Olympics should help economies, they should start going into countries that desperately need help. When you think of all the money that goes to the city with all the travel and tourism, it is a significant amount that it can help, and could even help future tourism.
ReplyDeleteThats a very cool fact. I always feel that the olympics are just another part of our entertainment. now i see how it effects our economy. its good to know that in the end it all pays out and is even.
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