Economic Impacts From Hosting Olympics
Wendy Lu
Mr. Sheehan
Economics 12
25 February 2015
Economic impacts from hosting Olympics
After the astonishment and the image of professional spirit of sports brought by the 2008 Beijing Olympics brought and the 2012 London Olympics, people begin to look forward to the following 2014 Sochi Winter Olympics. Accompanied by the public’s anticipation, the country of Russia worked to their maximum capacity to make this game terrific and successful. From an economical perspective, the 2014 Sochi Olympics spent over fifty-one billion US dollars to make it all happen; moreover, it surpassed the 2008 Beijing Olympics that spent around forty-three billion US dollars. Predictably, the profits made in 2014 Sochi Winter Olympics did not cover the costs; hence, this big event hurts the economy of Russia. Even though the Sochi Olympic attracted tourists and investors, it brought far more disadvantages then benefits for the Russian economy.
Only Sochi benefited from the 2014 winter Olympic game. With all the constructions and reconstructions in Sochi, people’s living condition advanced because of the improvement of the environment. Moreover, Russia also allowed athletes’ quarters to be available for the tourists. Foreigners spent money in Sochi, paying for hotels, meals and transportation, which benefits Sochi, a small region in Russia. The Olympics also opened up various opportunities for Sochi to grow and develop in the future. The Olympic game provided Sochi an opportunity to improve its image and awareness abroad. “(…) If Russia manages to make Sochi a globally attractive city, the task of the Olympics will be fulfilled. The Olympic games are, in this sense, only the first step in the long road toward making this region globally attractive of this transition from the region of challenges to the region of opportunities for the world.” spoke by Ivan Timofeev, program director at the Russian International Affairs Council (RIAC). Last but not least, hosting the Olympics
Mr. Sheehan
Economics 12
25 February 2015
Economic impacts from hosting Olympics
After the astonishment and the image of professional spirit of sports brought by the 2008 Beijing Olympics brought and the 2012 London Olympics, people begin to look forward to the following 2014 Sochi Winter Olympics. Accompanied by the public’s anticipation, the country of Russia worked to their maximum capacity to make this game terrific and successful. From an economical perspective, the 2014 Sochi Olympics spent over fifty-one billion US dollars to make it all happen; moreover, it surpassed the 2008 Beijing Olympics that spent around forty-three billion US dollars. Predictably, the profits made in 2014 Sochi Winter Olympics did not cover the costs; hence, this big event hurts the economy of Russia. Even though the Sochi Olympic attracted tourists and investors, it brought far more disadvantages then benefits for the Russian economy.
Only Sochi benefited from the 2014 winter Olympic game. With all the constructions and reconstructions in Sochi, people’s living condition advanced because of the improvement of the environment. Moreover, Russia also allowed athletes’ quarters to be available for the tourists. Foreigners spent money in Sochi, paying for hotels, meals and transportation, which benefits Sochi, a small region in Russia. The Olympics also opened up various opportunities for Sochi to grow and develop in the future. The Olympic game provided Sochi an opportunity to improve its image and awareness abroad. “(…) If Russia manages to make Sochi a globally attractive city, the task of the Olympics will be fulfilled. The Olympic games are, in this sense, only the first step in the long road toward making this region globally attractive of this transition from the region of challenges to the region of opportunities for the world.” spoke by Ivan Timofeev, program director at the Russian International Affairs Council (RIAC). Last but not least, hosting the Olympics