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The London Olympics 2012 and tourism: the key factor to boost British economy growth

29 April 2012 28,434 views 2 Comments
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The London Olympics 2012 .The Bridge MAG. Image

The London Olympics 2012 .The Bridge MAG. Image

The London Olympics 2012 and tourism: the key factor to boost British economy growth
Britain is to have the healthiest economy in Europe and the world for the upcoming years thanks to the London Olympics 2012, according to leading economists.
With at least 216 countries competing, Britain’s economy could reportedly sore.

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When it comes to hosting large events, the UK never does things by half, and the bar has already been raised high to welcome the Olympic and Paralympic Games: the largest sporting events in the world.

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On 23 February, 2012, Mayara Vilas Boas wrote on the Bloomberg website:
“The accounting firm PricewaterhouseCoopers estimates the Olympics will contribute some $3 billion to the UK economy when held in London this summer.”
Meanwhile, on 9 February 2012, Reuters’ Business Travel Editor, Peter Myers, reported that Britain is “already the sixth most visited country in the world”: this will enable the country to promote “its heritage around airports, metro stations and road junctions in 14 cities around the globe, with the aim of attracting over 4.6 million extra visitors over the next four years, and securing an additional 2.3 billion pounds in visitor spend.”
In fact, London has a long history of grabbing the opportunity of major events to boost its image, attract visitors and promote business and commerce.

Impressive exhibitions were used in the nineteenth century to promote the capital as the heart ofthe world’s finance, business and investment, to develop industry and expand the British Empire.

In their final report entitled Olympic Games Impact Study published on December 2005, the accounting firm Pricewaterhouse Coopers wrote:
Studies of the impact of previous Olympics have indicated that inward investment has been attracted by preparations for the Olympics, which has increased the host cities’ global profiles and by the legacy of the additional facilities afterwards. London is already an established global city and a prime destination for inward investment in the UK and Europe. London, however, faces competition from other established and emerging cities, so by raising the profile of London compared to its European competitors, the Olympics could be used to attract worldwide investors, and visitors, making London the main international business destination.

Hosting the Olympics 2012 offers London a myriad of opportunities: the Games will attract visitors, not only in London, but also throughout the UK.
As the visitors will be spending money, the tourism related benefits in terms of their contribution to GDP (Gross Domestic Product), which relates to the market value of all officially recognised final goods and services produced in a country in a given period, will grow as well. More figures related to the raising of UK GDP between 2005 to 2016 thanks to the Olympics was released by the accounting firm PricewaterhouseCoopers in December 2005, and concluded thus:

 

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The Olympics is expected to raise UK GDP in the period from 2005 to 2016 by £1.9 billion. Over the same period, the expected increase in London’s GDP (on a workplace basis) is £5.9 billion, and the increase in (North) East London’s GDP (on a similar basis) is £0.5 billion. In practice, some of this benefit is likely to accrue to non-London residents.

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With only 100 days to go until the opening ceremony, the UK could not have had a better Olympic slogan than the one unveiled on 18 April 2012 by London 2012 Chairman Sebastian Coe: “Inspire a Generation”. 

 

 

The editor,
Rachel Tcheungna

2 Comments »

  • gta 5 said:

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    • Rachel Tcheungna said:

      Dear Marylou,

      Many thanks for your kind words and prompt reply.
      With best regards

      Rachel

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