The Economic Impact Of The Olympic Games Essay -- Olympics Economy

The Economic Impact of the majestic GamesMissing GraphsWith the Olympic games being held in Sydney this socio-economic class, I wondered if perhaps the performance of the economy was being affected in part by the fiscal stimulus provided by Olympic device in Sydney and other parts of the country. Australias economy has been performing headspring recently, suggesting that there might be some effect. Over the last atomic number 23 familys, growth in Australias gross domestic product has median(a)d 4.35%, near a full point above its thirty year annual average of 3.5%, and the unemployment rate is near a ten year low. According to one estimate, the Olympics result tack on an additional six-spot and a half billion dollars, about 1.6% of the GDP, to Australias GDP everywhere the 1994-2000 period. A natural question to ask is if this growth is due chiefly to the Olympic preparation, or if, instead, it is a result of some other diversify in policy, or perhaps just plain old luck . star way to address this question is to see if other host countries perplex experienced increases in GDP around Olympic years. Below is a represent of one measure of the boost to GDP that countries receive from hosting the Olympics. each point represents the average, over all of the host countries since 1952, rate of growth of GDP. What this graph suggests is that former to the Olympics and during the Olympic year GDP growth is higher than average - maxing out at nearly 1.5% above average GDP in the 3rd year before the Olympics. This number seems consistent with the estimates for Sydney - at least prior to the Olympic year. However, the graph also suggests that growth rates ar lower in the years after the Olympics, than in the years prior to the games. The economic benefits of the 2000 Olympics can be classified as direct and indirect. govern benefits include the impact of the Olympics on exports, investment and employment. In terms of exports, the chief(prenominal) impact w ill be inbound tourism, sponsorship fees, media charge rights, and ticket sales. The re-create of the Olympics will encourage more transnational tourists to visit Australia. Sponsorship fees received from world-wide sources were strong leading up to the Olympics and according to the Reserve Bank of Australia (RBA), broadcast rights, approximately one billion dollars in value, were recorded as exports in September quarter 2000. Ticket sale sold to overseas visitors,... ...tself. Importantly, the benefits will continue well into the new millennium as Australia gets more international exposure for its exports and gains from the transfer of technology and knowledge from the worlds best. prospect beckons for the athletes, for exporters, for artists, for scientists and for the whole Australian community.BibliographyArthur Anderson / CREA (1999) Economic Impact Study of the Sydney 2000 Olympic Games. January 1999. Arthur Anderson and the shopping mall for Regional Economic Analysis, University of Tasmania. Dabkowski, S and Ketchell, M (1999) Olympic Dream whitethorn Not Deliver Riches. The Melbourne Age.Gittins R (1999) Swifter Higher Richer? Sadly Not With Our Games. may 8 1999, Sydney Morning Herald.Mules,T The Economic Impact of Special Events . Griffith University, Gold margin Queensland.Olympic Co-ordination Authortiy (OCA) (1999) State of Play A Report to the People of impertinently South Wales June 1999, OCA, Sydney.Reserve Bank of Australia (1999) The Economic Effects of Staging the Olympic Games Semi-Annual Statement of Monetary Policy, May 1999, Reserve Bank, Sydney.