Analyzing the Economic and Social Impacts of the Olympic Games

This report provides a comprehensive analysis of the economic, social, and environmental impacts of hosting the Olympics. It delves into the benefits, such as job creation and infrastructure development, while also addressing the drawbacks, including increased pollution and financial burdens on taxpayers. The report examines the impact on job markets, the costs to taxpayers, and the potential for future trade. It highlights the importance of careful resource assessment and financial planning before bidding for the Olympics, offering recommendations for maximizing positive outcomes and mitigating negative consequences. The report emphasizes the need for government to assess resources, track conditions, and promote hospitality and transportation services to boost the economy and improve the nation's image on the global stage. The conclusion reiterates the significance of global events and offers suggestions to ensure the growth and development of the host nation.

Academic and Professional
Skills

Executive Summary
Global events refers to the event that are organised at international level and put several
positive impacts over the economy of host nation. It brings ample of opportunities of growth in
financial, social and economical prospective for country by generating huge source of
employment. These events play a significant role in enhancement of GDP rate of nation. Here,
several huge pollution is also generated through these events that adversely affect overall
environment. Therefore, government of host nation is required to analyse the impact of Olympics
before bidding that will help to maximize economic growth.

Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................5
ANALYSIS......................................................................................................................................5
Job creation ................................................................................................................................5
Costs to tax payers .....................................................................................................................6
Future Trade................................................................................................................................7
RECOMMENDATION ..................................................................................................................7
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
It is analysed that there are numerous events that can be organised at national and
international level across the globe. These events are essential and significantly affect overall
success and growth of country (Lin, 2018). It is analysed that global events play a great role in
creation of job opportunities within nation. Global events are those events that are organises at
international level in which people from different countries participate. Here, these events
significantly affect overall economic, social as well as environmental condition of a country
which need to analyse in an effective manner. These events are conducted at global level in
which domestic as well as international audience are involved. Now, different kind of events
such as Olympics, music concerts, cultural festivals are organised in different countries that is
essential to formulate a better image of country at international level. The present report is about
Olympics which is conducted at wide level in different parts of world.
Benefits of hosting event:
There are several benefits of Olympics have been identified that are essential to ensure
overall growth and success of country. It puts a great impact on the economy of host nation by
generating huge source of employment that will further lead increase in revenue and standard of
loving of people (Talalakina and Stukal, 2016). Due to global events local people get several job
opportunities that is essential to live a standard life style. In addition, host nation also develops
appropriate infrastructure to organise Olympics that play a major role in overall economic
development. Global events are consider as a better way to enhance tourism within country as
there are several people who visit nation during Olympics which creates positive image of host
nation across the globe.
Disadvantage of hosting an event:
It is analysed that global events also put numerous negative impact over hosting nation.
Here, pollution increases due to these events as there are several resources, tools are utilize
during events which are not appropriate for environment. Sometimes, resources of host nation
are also over utilize during such events. There is a requirement of proper infrastructure in order
to conduct Olympic that is required huge investment and generally does not use after events.
Further, host nation has to make appropriate arrangements to provide better facilities to
international visitors that will require huge investment and put great burden over government of
country.

From the above discussion, it is analysed that global events put several positive as well as
negative impact over the host nation (Toran, 2017). It helps in overall economic development by
generating source of revenues and developing infrastructure. On another side, these events also
consider as a major source of pollution & exploitation of available resources within country.
Therefore, higher authorities of host country is required to take necessary before bidding for
Olympics that is essential to receive positive outcomes.
MAIN BODY
ANALYSIS
It is monitored that global events put several negative as well as positive impacts on
overall economy of host nation. It is consider as a major source of revenue for travel and tourism
industry as there are several people visit to country during these events. It also has negative
impact in terms of change in existing tax policies, various legislations of country. Different
impact of Global events on the economy are given as under:
Job creation
Here, global events are consider as an important source of employment as it creates
several job opportunities in different sectors within country. It majorly generates job in tour and
travel industry because numerous people from all over the world visit and stay in host nation
during Olympics (Qidwai, Kashem and Conor, 2019). It is analysed that visitors spend
significant amount in order to meet with their basic needs that is a significant source of revenue
for individuals of host country. As per recent survey, spending of $ 1.07 trillion has been
identified by visitors at global level. In addition, proper infrastructure is also prepare to conduct
Olympics which provides employment to workers and a major source of revenue for them. There
are several activities such as construction of stadium and infrastructure have been carried out
during Olympics that also generates several job opportunities for individuals within country. In
2017 , there were nearly 10.3 million jobs have been created by global events at international
level.
It is analysed that Olympics also promotes local places of host nation among global
audience that is crucial to promote tour and travel industry of country. In addition, it also
generates job opportunities in transportation, hospitality and other sectors. Here, visitor book
hotel to stay avail facilities and also visit to local destinations which creates job opportunities for

local audience (Matteson, Anderson and Boyden, 2016). In addition, they also use transportation
facilities to move from one place to another with host nation. There are numerous countries are
benefited with the post impacts of Olympics as it helps to attract large number of visitors towards
host nation. For instance, US got ample of benefits from Olympics which put a great impact on
its overall economic enhancement.
Therefore, there are several job opportunities are generated through global events such as
Olympics that may be related to different fields such as transportation, hospitality and travel and
more and play a major role in enhancement of standard of living of people within host country.
Costs to tax payers
Tax is considered as the major sources of government in order to generate revenue for
nation. In which there are various kinds of taxes such as income. Corporate, services and so
many other which are related with indirect tax are levied on individual of nations. With reference
to global events, this hight influence the current slabs, charges that are remunerative by taxpayers
for consuming better services. In order to organise Olympic, there is a requirement of huge cost
& money indirectly collected from citizens of hosting nation by taking tax duties & other charges
(Khraiche and Alakshendra, 2020). It is relevant to both domestic or international audiences that
impact their daily lifestyle by enhancing standards and extra expenses.
To conduct Olympic games, hosting nation required high investments for infrastructure,
venue, arrangements and many more. For which they collects necessary funds and budget from
tax payers by enhancing the rates of taxes and services. For example, during conduction of
London Olympic public sector almost 6.7 billion investment was happened and that was gather
from local peoples. By which the government of hosting nation raise the amount of tickets and
charges of other facilities that was offered by the organiser of Olympic. Event though, the
international Olympic committee ( IOC) grant funds to organises Olympic games but that was
not sufficient to carry forward such event so that peoples can take participate easily (Driml,
Ballantyne and Packer, 2017). It not only affects tax payers but also leave impact on
international audiences who come from other nations. During London Olympic, government
import required resources for conducting event in effective manner and that enhances overall
cost and put burden over tax payers. Although Olympic significant contributes in overall
development of nation but it includes huge amount of investment also and that is indirectly
received from tax payers. In context of this there are various banks that got bankrupt also by

Olympic as it acquire higher expenses to conduct such a large event. For example, Sydney
Olympic got failure as firm was on position of bankrupt due to this. Hence it is vital to monitor
the impact of global events before bidding in order to make sure success of these events.
Future Trade
Global events creates various opportunities for forthcoming trade & business. It increases
the economy of hosted nation along with travel & tourism. It has been often seen that there are
various hotels and resort which are open in hosted nation to serve traveller in effective manner.
Ample number of peoples visits nation where Olympic was hosted. By which consumers
explores various hotels and invest in travel industry for consuming services and enjoying
Olympic. It has been analysed that events foster various opportunities for hosted nation by
increasing value at international level. To organise events at global or at national level it is
essential to import necessary resources from various countries throughout the world. This
concept helps nation to maintain effective relation among countries of exporter and importer and
that offers benefits for raising export facilities.
Moreover, Olympic games provides opportunities to enhance the transportation facilities
within hosting nation which is reflected as a great sources of employments & revenue generation
for individuals. With the local talents services also noticed by global audiences that offer
increment in trade (Meng and Siriwardana, 2016). Hence there are many opportunities have been
developed by hosting Olympic games for future business and trade, thus it is vital to hosting
nation to examine all opportunities for gaining advantage as well as for betterment of nation.
RECOMMENDATION
From above discussed point it as been analysed that global events are vital to increase the
value and image of nation at global market as well as plays vital role in growth and development
of nation. Olympic is a sport event which is conducted at international level at various location.
In context of this there has some essential points which needs improvements in order to ensure
the growth of country which are as follows:
Hosted nation government required to assess their resources before bidding Olympic as it
includes huge expenses. Foe which it is vital to prepare necessary structure of budget that can be
cash flow and make arrangements to offer better services to visitors for maintaining better

reputation of nation across globe. Hence, organiser needs to make effective estimation before
hosting such events.
At the time of bidding, entities need to track prevailing conditions in the nation. They
need to examine resources like funding, infrastructure, available facilities and so on that they will
able to conduct global events efficiently & effectively. In such events various travellers visits
and stay in nation so it is important to offer better services and experiences to consumers for
maintaining good reputation of nation worldwide. Additionally, it will increases the business
business trade.
It has been assessed that high amount of expenses are incurred while conducting any
sports events at global level and that puts huge burden on tax payers. For his government of
hosted nation need to arranged suitable funds instead of overcharging the citizen of hosted
nation. For same necessary actions need to be taken from international community of Olympic
for organising events in effective manner.
Additionally, authorities of hosted nation need to be promote hospitality, transportation &
other services in the nation. With this employments opportunities will increase that are important
to raise the living standards of peoples. Further, they should take some effective steps to increase
future trade for betterment of country. It will also aid in raising future trade for betterment of
nation as well as improve image of national at international level & significantly contributes in it
GDP.
It is monitored the above mentioned recommendation are needed to track for taking
effective decision so that individuals will able to take participate in games easily.

CONCLUSION
From above report it has been analysed that there are many types of vents which are
organises at various level with different aim. Therefore, numerous events are the proof in
different nations that are conducted at international level. Olympic is a sport events, in which
sports person, athletes and other audiences take participate of various nation. Herein discussion
about impact of global events was carried out over economy. So from that it as been observed
that it is the major sources of generating revenue as well as sources of employments that aid to
increase the revenue of individuals. Additionally, it also influence the tax payers within nation
as governments charges extra amount from domestic and international audiences as a tax. There
is also scope to increase future trade within hosted nation that will give hike to economy.
Furthermore, global events leave significant impact over nation wither in positive or negative
manner.

REFERENCES
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Meaning. portal: Libraries and the Academy, 16(1), pp.71-88.
Meng, S. and Siriwardana, M., 2016. Assessing the Economic Impact of Tourism: A Computable
General Equilibrium Modelling Approach. Springer.
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