Is hosting the Summer Games worth it for an economy in shambles?
On Aug. 5, the Olympic Games begin in Rio de Janiero. What should be a point of pride for Brazil has been reduced to a cause for concern and worry for athletes, tourists, and international organizers. Hosting the Olympics is not cheap. It can cost the host country billions of dollars in infrastructure costs. During the bidding process, host cities make bold promises of upgrades to transportation, modernized and safe housing for athletes and new event facilities.
Brazil’s economy is currently is a serious recession. Some economists have even said that the economy in this once powerful South American nation has not been in this poor a state since 1901.
Professor Tom Smith specializes in cultural economics and the economics of the arts at Emory University’s Goizueta Business School. Professor Smith is available to speak to media about whether or not the economic risk of hosting the Summer Games outweighs the reward. He can also speak to the costs, benefits and long term effects can have on a country.
Thomas Smith Professor in the Practice of Finance; Academic Director, Master of Analytical Finance