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The Geography of the Olympics

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Introduction

Lewis Ferrari 11/09/2012 The Geography of the Olympics The London 2012 Olympics has had a massive effect on the world, in particular the UK. Geographically speaking the Olympic park is located in Stratford, East London. The Olympics is obviously a huge financial outlay, but it is not just for the 2 weeks of the games. Urban regeneration: The Stratford area was previously a under developed and unpleasant area of London. Due to the Olympics the £4 billion urban regeneration of the 73 hectares of land within the M25 has been started, with Stratford at its heart. The new facilities will include over 100 shops, leisure facilities, hotels and schools. One area of Stratford is currently being developed to be the most significant business district since Canary Wharf, this is planned to provide space for up to 30’000 workers. Stratford’s residents have also benefitted from the athlete’s village, the poor standard of the previous housing has led to their demolition and residents will now be able to access the former athlete’s village as part of an affordable/social housing scheme. ...read more.

Middle

For the first time in Olympic history there was a female team member from each of the competing countries, this was a particular change for Saudi Arabia who let two women into the team this year in contrast to none in its Olympic history. The Finances: In the background of the photo it is clear to see the large steel structure. This was donated by Lakshmi Mittal, the owner of ArcelorMittal which is the world's leading integrated steel and mining company. The tower is named the ?Orbit? and is located in Orbit Circus to the East of the Olympic Stadium. Mr Mittal has long been a supporter of the Olympics, setting up a trust for aspiring Indian athletes after Indian won only one medal in the 2000 Olympics. Despite being of Indian origin he decided to fund the project in the UK, this clearly demonstrates a sense of globalisation as financial support came from philanthropists all over the world. The economic effects of the Olympics have also been demonstrated by many large corporations, such as Whitbread, the group including Premier Inn, 4 restaurant chains and Costa Coffee. ...read more.

Conclusion

Therefore Visa came to the conclusion that the total ‘economic legacy’ would be £5.33 Billion by 2015. However, now the main Olympic Games have come to an end analysts, are broadcasting a contrasting opinions based on the financial figures from the games. The more realistic increase in the nation’s output for 2012 is likely to be around 1%, less than a third of the original predictions for the Olympics alone. This 1% would also include the Queen’s Diamond Jubilee which was estimated to have increase output by 0.4% along with the 0.1% of growth gained from ticket sales (doesn’t count as the Olympic effect) to a total of 0.5%. So, even without the Olympic effect, output should increase by 0.5% between the second and third quarters. For the economy to register even zero growth in 2012 as a whole output needs to rise by 1% this quarter and remain at that level in the final quarter. Several major think-tank’s and The Bank of England have cut their UK growth predictions to between 0% and -0.7% after disappointing Olympic revenue. (Source: Visa Europe/Economic impact report/ July 2011 & Guardian.co.uk/Olympics-why the British economy isn’t a winner/August 2012) ...read more.

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