The economics of Olympics game

Citius, Altius, Fortius – Faster, Higher, Stronger – that is the motto of the Modern Olympics. Pierre de Coubertin proposed the motto, borrowing it from his friend Henri Didon, a Dominican priest. Coubertin said, “These three words represent a programme of moral beauty.

We have only recently seen the conclusion of the Pyeongchang Winter Olympics, and two years ago, the sporting carnival that was the Summer Olympics was held at Rio de Janeiro. The cheer that these Games bring is certainly a fact, but are the much-touted economic benefits a myth? Do Olympic host cities and nations experience a tourism growth that is faster, a GDP growth that is higher, and is the state of the overall economy of the country stronger at the end of the Games? That is the question we are asking today. We have spoken to you earlier about the economic benefits and troubles of hosting the football World Cup (only a few days away now); and earlier we have spoken about the monies of the annual IPL. Today, we are going to turn our attention to the economics of mankind’s greatest celebration of sport – the Olympics and you’re listening to Moneycontrol.