The staging of international events such as Olympics, Expos, World Cups and Festivals of Culture have been long considered opportunities to boost development and growth. Hosts are increasingly keen to ensure that their events serve as catalysts for local development. They are used to increase the long-term investment in infrastructure, improve trade and tourism, create jobs and encourage community development.
What is the global implication of the event?
Global events are defined by the OECD definition of the international event as those of only a short duration that have a global impact that requires significant public investment and impact people and the built environment.
How do you measure the Economic Impacts?
Economic impact measurement has evolved into an effective and convincing tool to quantify and prove the economic benefits of hosting an important event. The size of economic impact does not just allow public sector entities to assess their return on investment and demonstrates the monetary value of possibilities, and allows event organizers to develop strategies that maximize these advantages.
The economic impact of an important event refers to the total amount of spending generated within a specified area directly due to organizing the event. The majority of events are characterized by visitors’ spending in the area (particularly on accommodation), which is the primary aspect in generating economic benefit. Still, the expenditure of event organizers is a different factor to consider. Economic Impact studies usually attempt to determine the net effect on a host country’s economy. Therefore, cash flows and outflows are analyzed to determine the net result.
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