A Cost-Benefit Analysis : The Economic and Social Effects of the Rio 2016 Olympics
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The International Olympic Committee awarded Rio de Janeiro the right to host the 2016 Olympics on October 2nd, 2009. The Brazilian economy was flourishing at that time, and the government's hope was to use the games to further the country's presence in the global economy. Using a mega-event such as the Olympics as means for economic growth has been a widely debated topic among economists. The planning and organizing of these events are difficult, as supporters of Olympic bids tend to overestimate the benefits and the costs are almost always overrun. Many economists believe the increasing costs of hosting the Olympics greatly outweigh any economic or social benefits gained from hosting the event. However, there are also many studies that conclude the benefits of hosting such as job creation, trade openness, infrastructure investments, and tourism outweigh the costs of hosting. This SIP will examine if Rio has benefited from hosting the 2016 Olympic Games.