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The Economic Impacts of the London 2012 Olympics in the view of the local people and businesses

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Incurred for holding the event and the scope of development that could be observed in the next 10 years after the Olympics were held (Coleman, 1990, p. The contribution of the Olympic Games to the growth of GDP of the country could lead to the developments in the business of the local institutions and also could improve the lives of the local people (Brown and Massey, 2001, p. A review of the Olympic Games held over the years in Munich (1972), Seoul (1988), Sydney (2000), Beijing (2008), London (2012) would provide an understanding that the economic impact of the Olympic Games depended on the objectives of the host nation that have conducted the Games, the volume of funding available to host the games, the political aspirations, the governance structure and the availability of infrastructure.

The objectives of the Olympic Games have varied in terms of promotion of country’s brand image, emergence as economic superpower, remodelling of the cities, etc. UK already being a developed economy, the impact of the Olympic Games held in 2012 in London influenced the redevelopment of cities in UK (Langen and Garcia, 2009, p.

The road to the Olympics in 2012 in London witnessed the construction of large number of accommodation facilities, remodelling of stadiums for holding the Olympics and laying down the required infrastructural changes to host the Olympic Games (Keogh, 2009, p. The economic impact of the Olympic Games held in 2012 in London was viewed positively by the local people and the businesses. The economic impacts occurred in the areas of increase in country wide infrastructural progress, the involvement of large number of suppliers and distributors for raw materials, intermediate products and finished goods required for hosting the Olympic Games (Harper, 2001, p.

The increase in the business activities led to the increase in production of the local businesses which contributed to the domestic infrastructure. The local people also viewed the opportunities of increase in employment for the activities towards preparation of Olympics in London in 2012 (Experian, 2006, p. The tourism industry also flourished to the benefit of the local people and the business. Thus the economic impact led to the increase in liquidity in the local economy, rise in the income level, demand and GDP.

The benefits of the infrastructural development due to the Olympic Games could be realized by the local people and the business in the post-Games period. The establishment

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