Analysis of Global Events: Economic, Social, and Environmental Aspects

This report provides a comprehensive analysis of the impacts associated with hosting global events, such as the Olympics, from economic, social, and environmental perspectives. The economic analysis covers job creation, costs to taxpayers, and future trade opportunities. From an environmental perspective, the report discusses carbon footprints, pollution, and sustainability practices. Social impacts, including intangible benefits and overall societal development, are also examined. The report offers recommendations for governments, emphasizing financial planning, sustainability practices, and public awareness campaigns. It concludes by highlighting the benefits and challenges of hosting such events and the importance of strategic planning for successful event management and positive outcomes for host countries and their populations.

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Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Economic Perspective..................................................................................................................1
Impact from environmental perspective......................................................................................3
Impact from a social perspective.................................................................................................3
Recommendations........................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Global Events refer to such events which are held on a mass scale and in different
countries of the world (Baldwin and et.al., 2019). They attract a large scale of audience and thus
in this way can gather the attention of different people in the world. By holding these events the
event organisers can make sure that they can earn higher-level of profits and can publicize their
events at a global level. For hosting them, there is a requirement of availability of large-scale of
funds so that financing of these events can be done properly. Also a lot of rules and regulations
are required to be followed which have been set by various regulatory authorities so that the
event can be hosted successfully by the host nation. Thus there is a requirement of hosting these
events properly. By hosting these events the countries in the world can gain more popularity.
Olympics is also an example of a global event which is held every 4 years in different countries
of the world. Various countries bid for hosting it when it happens. Thus in this way these
countries can face positive as well as negative issues. The positive issues in hosting such events
are lack of skill development in the workers and lack of sufficient funds. The negative issues in
hosting such events are environmental concerns and lack of proper organizing of event by event
managers. In this report, a detailed discussion will be made on Analysis of hosting the event
from different perspectives. Additionally, Recommendations for hosting such an event
successfully will be covered as a part of this report. The report will look to cover the various
perspectives of hosting a global event successfully. Its aim is to analyse the global events
properly and the way they can be hosted in the right manner.
MAIN BODY
Economic Perspective
Hosting of events like Olympics involves different types of impacts on the countries
(Diffenbaugh and et.al., 2017). One of them is The Economic Impact. The Economic Impact is
due to the situation which the economy has to face as a result of hosting such a big global event.
The Economic Impacts of hosting the Olympics are as follows-
 Job creation- Hosting big global events can help in creation of various jobs in a country
(Westerhold and et.al., 2018). This is so because it not only boosts the economy but also
opens up its different sectors where people can make the use of the available
opportunities and can get a good job which can pay them well. Thus if a country bids to
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host Olympics then this can lead towards creation of a lot of jobs in the economy because
different opportunities can be provided in order to host such an event. A lot of job
opportunities are available at the event itself and also hosting such an event gives an
overall boost to the GDP of the country and opens up the markets thus creating job
opportunities for the people. Thus in this way it will give a lot of boost to the
employment generation in the country and thus will ensure that the event is handled
successfully and is profitable for the country's economy.
 Costs to the tax payer- Hosting a big global event like Olympics can lead towards
higher-level of costs for the tax payer (George and Ray, 2017). This is so because hosting
such an event increases the overall expenses of the government. There are costs related to
obtaining permission for such an event, obtaining funds for such an event. Thus in this
way the ultimate burden is put on the tax payer as the government focuses on enhancing
the overall tax rates to boost the revenue collection so that sufficient funds are available
with it for successfully hosting the event. Thus it can be said that hosting a big event like
Olympics can lead to the increase in the tax rates by the government and an increase in
tax liability for the taxpayers. Additional taxes can also be levied by the government so
that the cost of hosting such a big event can be covered up. Enhancement in the tax rates
is due to the fact that the government has to put its focus mainly on the boosting of its
revenues to cover up the costs associated with hosting such events. Also the government
can increase the duties on goods which can make imports costlier but can result in an
increase in the overall level of income of the people.
 Future trade- Hosting a big global event like Olympics can also impact the future trade
(Hao and et.al., 2018). As many countries take part in Olympics, a lot of exchange of
information takes place. Trade links are therefore developed between the countries as a
result of signing of various types of contracts and agreements. Thus in this way
opportunities for future trade are provided to the country which is hosting such an event.
It can boost its trade and also ensure that these countries are able to boost their overall
revenues and in turn can maintain their Balance of Trade in the future. Opening up of
trade opportunities is possible when the countries host Olympics which can be very
beneficial for them in the future. Also in the future developing of business links between
countries will give a boost to the situation of trade and businesses in the countries thus
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making them contribute at their full potential towards the economy resulting in overall
economic growth.
Impact from environmental perspective
The environment is affected when big global events take place. This is mainly due to the
reason that hosting of such big global events can create pollution, result in wastage and also can
contribute towards the increase in the global warming (Qie and et.al., 2019). The way Olympics
may create an impact on the environment has been explained as follows-
 Carbon footprint and pollution- Carbon footprint refers to the emission of greenhouse
gases in the atmosphere which therefore result in the pollution of environment (Jia and
et.al., 2019). A big event like Olympics can increase the Carbon footprint and therefore
can cause a lot of damage to the atmosphere. Pollution in various forms can increase in
the Olympics due to different reasons. Air pollution can increase due to the emission of
greenhouse gases. Also Noise pollution can increase due to high-level of noise which is
prevalent in hosting such big events. Thus measures can be taken to reduce this carbon
footprint and also the level of pollution so that the event can be hosted successfully
without harming the environment.
 Sustainability- Sustainability refers to the meeting of own needs without compromising
with the ability of future generations in meeting their needs (Liu and Buck, 2020).
Hosting a big event like Olympics requires that Sustainability practices are maintained.
This therefore ensures that sustainable environment is provided to the future generations.
Thus there is a requirement from the Government that it focuses on this part by
encouraging reduction of wastage, reducing the carbon footprint and pollution so that the
events can be hosted in a sustainable manner. With measures like long-term
improvements, environmental awareness and technological innovation it is possible that
the events can be hosted sustainably. This will not only result in conservation of the
environment during the event but will also lead towards fulfilment of social
responsibility.
Impact from a social perspective
When a big event like Olympics takes place an impact is also created on the society. The
following is the impact of this event on the society-
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 Intangible benefits- These are the benefits which are not visible to anyone but can surely
impact the events (Markle and et.al., 2017). They are witnessed in the society when a
country hosts a big global event. Hosting Olympics can lead towards Social cohesion
which can mean that the different groups of a diverse society can connect easily with
each other. Also it can help in the boosting of morale of the people as they may feel
excited and happy when such a big event is hosted by their country. Entertainment of
people can also increase which therefore enhances the overall entertainment value of such
an event. Thus due to these type of benefits it can be said that hosting of a big event like
Olympics can be helpful in contributing a lot towards the betterment of the society as a
whole and providing value to it. These Intangible benefits ensure that the benefit of
hosting such an event reaches each and every member of the society.
 Overall development- Development of the society can be enhanced when a big global
event is hosted (Müller and et.al., 2016). Thus the hosting of Olympics can can lead
towards the overall development of the society and the members who are living in it. This
can be made possible due to the reason that there are various countries taking part in
Olympics who send their different players there. Thus there is an increase in the level of
interaction between the players and the members of society and there is an exchange of
the cultural information. This is therefore helpful in ensuring that the members of society
of host nation are able to witness their development. Thus in this way Olympics can
contribute a lot towards the society.
Recommendations
To host a big event like Olympics successfully there is a requirement that the
recommendations are provided to the Government so that it can be handled in a smooth manner.
The recommendations for the hosting of this event are as follows-
 Arrangement of sources of funds- Sources of funds are quite important for hosting an
event successfully. Thus the government of a country has to focus on them so that it is
able to arrange the financial sources successfully which will help it in hosting Olympics.
Thus the government is required to create a budget for the expenses to be incurred in
hosting this event and the way appropriate funding sources can be used so that the event
is hosted successfully. Multiple sources of finance are available for it to use which all
have their own advantages as well as disadvantages. The requirement is to ensure that
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sufficient funds are available to cover the expenses which are related with hosting such a
big event.
 Using sustainability practices- Sustainability practices are very helpful in ensuring that
the care of environment is taken while hosting the event. Therefore it is recommended to
the government that it is able to use these practices which will help it in conserving the
environment while hosting a big global event like Olympics. Thus rules and regulations
can be created by it so that the event is handled successfully without harming the
environment. Rules and regulations related to sustainability can be framed in which due
care is taken regarding the pollution level and also a code of conduct can be made for the
people to follow which will make sure that they take care of the environment during the
event.
 Increasing awareness among people- It is the responsibility of the government that it
increases the level of awareness among different people. By doing so it can make people
more aware about Olympics. Therefore in this manner the social value of the event can be
raised in front of the people. Thus the recommendation for the government is to make
sure that the event is publicized and advertised in front of people so that they are able to
realise its value.
CONCLUSION
From the above report, it can be concluded that global events are the ones which can
attract mass audience and have a wide reach in various countries. Hosting such events can create
a lot of benefits for the host country. These events can make sure that the publicity of the country
is done when it hosts them allowing it to make a name for itself in the world successfully. While
hosting an event the government of a country has to consider the different types of perspectives.
Among them are Economic, Environmental and Social Perspectives. Also Recommendations can
be provided to the government which can help them a lot in successfully hosting the event.
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REFERENCES
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