To complete all the rest parts Essay Example | Topics and Well Written Essays - 2000 words

To complete all the rest parts - Essay Example n numbers in the opening and closing ceremonies, the manpower costs that were needed to be defrayed, lodging and subsistence of the athletes and other participants, and the maintenance of the Olympic facilities. The data showed there was a sudden increase in the GDP rate for the latter half of 2012, which appeared to suggest that the Olympics, which took place in the third quarter, and the activities leading to it, indeed brought about the economic growth expected in holding a mega-event of that size. Closer inspection showed, however, that the growth of gross fixed capital formation appeared to have come more from government spending rather than private business, suggesting that unless the private sector picks up the pace in pushing for greater production, the sudden increase in GDP will not be sustainable, and long-term benefits due to the Olympics may not be forthcoming. Mega-events attract a global audience, and therefore are capable of drawing international attention and spending power. The World’s Fair, the World Cups of the different sports, and the Olympic Games are itinerant events that regularly hold venues at different places, depending upon the outcome of a bidding process (Varrel & Kennedy, 2011). Necessarily, the hosting of mega-events require that the host city incur a huge amount in expenses and investment in infrastructure and facilities. Despite the immense honour of hosting the event, the sheer financial burden would be enough for potential bidders to stay away, unless a greater return is expected. A great part of the allure of hosting such events is the promise of an economic windfall with a substantial urban makeover (Chalkley & Essex, 1998). This is in addition to the prestige derived and the international recognition of the host country as a major player of global importance (Van der Westhuizen & Black, 2004). In the case of the Olympic Games, the benefits are normally in the form of the construction of special structures where the