OLYMPIC 2012

Olympic 2012



Olympic 2012

Introduction

For the purpose of winning the hosting right fro an Olympic Games. The country must have to come across several hoops that are set by the International Olympic Committee (IOC). This process of winning the host title is not an easy one; it involves various stages and various voting rounds. The Olympic 2012 bid started in the year 2003. The IOC selected London as the host city for the Olympic Games 2012, seven years back.

For the selected city, it is considered to be a great honour to host the Olympic Games. According to IOC, they reward the cit with this responsibility of hosting by approving the social and political support of a city, basic infrastructures, and venues for sports, accommodation, environment, and system for transport, experience of past, security, legacy and finance.

Associated with this Olympic Games event, there is deniable fact that there is significant impact on the economy of the city that is hosting the games or even on the entire hosting country, if the hosting country is small. The event of the Olympic Games takes place for some weeks but its preparation is started just after the announcement of the hosting city.

In this paper, our main focus is on the Olympic Game's impact on London.

Thesis Statement

The Olympic Games 2012 have both the impact on the London, positive and negative. But to a greater extent it has affected the London in a positive way.

The Impact of Olympics 2012

With the start of the Olympic Games in this summer, several analysts are busy in analysing that whether the Olympics of 2012 will give a boost to the growth of UK or will pull out the UK from the recession. The current report by Moody proposes that both the impacts will be little, whereas according to CEBR, the GDP might fall in the course of the Games because the other visitors will be crowded out from the tourists of the Olympic (Dominic, 2012).

The most probable result is that the Olympic games of 2012 will have small actual impact on UK's GDP. Because of this reason the ONS estimates the actions, all the tickets for the Olympic Games that were bought in the course of last year will point up in the consumption in the data of third quarter. However, the experience of the past, particularly which of the Sydney and Athens indicates that any improvement in the consumption is as a minimum partially compensate somewhere else, because of this there is small change in the total GDP. There is not any specific reason to think about that this time things will be different (Dominic, 2012).

Already, the London was a prime destination for tourists. The CEBR might have wrongly considered it, however without the Olympic Games; the London would have been visited by several of people this summer. The impact of additional tourism on London, in terms of proportionality, will not be that much greater as compared to the games that were hosted by ...