Just read this article and thought it would be a great one to share about the London Olympics. As many of us already know, the London Olympics took place in 2012 where billions of pounds were spent by the government on building stadiums as well as many other projects. Nevertheless, the question still remains whether the government’s expenditure actually provided any benefits to the economy.
From the article, it is clear that there were many benefits provided to the economy as many jobs were given to people in order to help construct the stadiums etc. Furthermore, some businesses also benefitted as now they have received contracts for other international sporting events. And of course there were many tourists in the UK during this period of time which would have helped to increase consumption.
But did it?
Just because many tourists came to the UK doesn’t mean to say that they necessarily spent a lot of money. Did this help boost the UK economy?
The economic benefits were published in July 2013, stating that in fact the London Olympics generated around 10 billion pounds which is 1 billion pounds more than what was actually spent. However, perhaps this 9 billion pounds was borrowed by the government or there were other kinds of investments involved.
According to this article, the writer states that due to this reason the ‘accuracy of the reports’ can’t be made sure of.
What is your opinion?
Did the London 2012 Olympics help to boost economic growth?
Click the link below to read the article 🙂