Topic > Brazil's economy during the Rio Olympics

The government was forced to cut its budget by 5 billion dollars by between 5 and 20%, because in the previous year its “public deficit had increased by over 9%” (“Rio Olympics 2016: economic gain or loss?”). The former Brazilian president said: "Brazil should organize a free event for locals, similar to when it hosted the World Cup, in a venue showing live sporting events... as it will be too difficult to buy tickets tickets". He also confirmed that athletes will have to watch the Games on a communal television and will have to eat traditional dishes instead of gourmet dishes because they are too expensive to afford (“Brazil's economy could hit rock bottom during the Rio Olympics”). Brazil had wasted up to $15 billion on infrastructure that could have been used for their “dysfunctional” healthcare system and to tackle the Zika virus. Instead of helping citizens, as they promised, they ended up forcing 385 families to evict their homes to make room for their transportation system (“Brazil's economy could hit rock bottom during the Rio Olympics”). Brazil will also have an economic boom as they hoped. Instead he ended up obliging them with an additional $1 billion in debt as large corporations that invested in the Olympics found ways to avoid taxes. “Brazil now has a long way to go before it reaches economic stability, and the Olympics will only add further pressure” (“Brazilian economy could hit bottom during Rio Olympics”). Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essayOnly a few countries are able to host the games and turn them into a profit, while the rest add up to $1 billion in additional debt. Canada was very successful in hosting the 2010 Winter Olympics as it managed to give the economy a boost of $2.3 billion. Unlike Brazil, Canada was able to help its citizens and created at least 45,000 jobs (“The Case for Calgary as Host of the 2026 Olympic Games”). In addition to the economic benefits, the IOC noted other positive outcomes that include the participation and recognition of Aboriginal groups and people with disabilities, as well as the development of sport and culture across the country (“The 2010 Winter Olympics provided a economic and cultural boost"). British Columbia's infrastructure construction and third-party investment contributed $1.26 billion to the Canadian economy, as tourism revenue also increased in 2010 by $226 million. These investments not only helped the economy, but also helped Canada set a record for gold medals. These investments have also helped Canada meet its goals of infrastructure improvements and Canadian innovations in buildings (“2010 Olympics: Vancouver Winter Games gave economy a $2.3 billion boost, report says ”). Reports stated that although “the 2010 Winter Games were held in the midst of a prolonged downward trend in international visitors due to the lingering effects of a global recession and the high Canadian dollar” more than 650,000 visitors arrived in Vancouver for the Olympics, 242,000 visitors from Canada, 324,000 from the United States and 83,000 visitors from other countries. They also stated that the Games were the most-watched Winter Games in history with 3.5 billion viewers (“The 2010 Winter Olympics provided an economic boost).