Word: economice
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But that hasn't always been true. The economic benefits of the Olympics for host cities are at best mixed, and the opening bravado often descends into recrimination and regret. Of course, there are obvious benefits for an Olympic host city - primarily the opportunity to showcase itself in front of...
If there is one Olympic city for Chicago to emulate, it would be Atlanta. The city's $1.7 billion privately funded Summer Games in 1996 sparked a construction boom in the city's downtown core and, according to the Metro Atlanta Chamber of Commerce, generated $5 billion in economic activity...
Chicago estimates that the cost of hosting the 2016 Olympics will be $4.8 billion. If its bid finds favor with the IOC this week in Copenhagen, the city might be well advised to get venues shovel-ready as quickly as possible, for it has one advantage that Atlanta didn't...
There's also the matter of the economic downturn. The worst recession since World War II will see Europe's biggest economy contract by 5% in 2009. While Germany's economy grew 0.3% in the second quarter of this year, it will still be a slow climb out of recession...
That won't please business leaders, who have welcomed the prospect of a new direction. "We want to work with the new government to make sure there's economic growth," said Hans-Peter Keitel, the President of the Federation of German Industries (BDI). That enthusiasm will disappear quickly should Merkel...