A recent study commissioned by the organizers of the Paris 2024 Olympics suggests that the event could potentially generate a substantial long-term economic boost, amounting to as much as €11.1 billion ($12 billion). The study, conducted by the Paris-based Centre de Droit et d’Economie du Sport, outlines various scenarios, with the most optimistic projection indicating significant economic activity across multiple sectors.
According to the study, the economic impact of organizing the event itself is estimated to be around €4.58 billion. Additionally, the construction phase is anticipated to contribute approximately €3 billion to the economy, while the tourism sector could see a boost of up to €3.56 billion. These figures are projected over a 17-year timeline, encompassing the planning phase through to the post-event “legacy” period, which concludes in 2034.
Paris 2024 represents a crucial test for the International Olympic Committee’s (IOC) efforts to implement a more streamlined and fiscally responsible approach to hosting the Games. In light of past criticisms directed at cities like Athens and Rio de Janeiro for budget overruns and excessive debt burdens, the IOC has been striving to prioritize dialogue over competition in the selection of host cities. The aim is to ensure that future Olympics are not only more cost-effective but also environmentally sustainable.
| Economic Impact Component | Estimated Amount (in € billion) | Estimated Amount (in $ billion) |
|---|---|---|
| Organizing the Event | 4.58 | 4.97 |
| Construction Impact | 3.00 | 3.26 |
| Tourism Contribution | 3.56 | 3.86 |
| Overall Impact (High) | 11.1 | 12.09 |
| Overall Impact (Medium) | 8.99 | 9.78 |
| Overall Impact (Low) | 6.7 | 7.29 |
The study also presents alternative scenarios, with estimates for a “low overall impact” of €6.7 billion and a medium scenario projecting an economic boost of €8.99 billion. These variations highlight the potential range of outcomes and underscore the complexities involved in forecasting the economic effects of mega-events such as the Olympic Games.
The findings of this study serve as a reminder of the multifaceted nature of hosting major international sporting events and the opportunities they present for economic development. However, they also underscore the importance of careful planning and management to maximize benefits while mitigating potential risks.
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