Published on : Wednesday, February 15, 2017
The reaction of the international community after declaration of Beijing the next host of the 2022 winter Olympics was somewhat lukewarm. It would be held jointly with Zhangjiakou located in North China’s Hebei province. The cost of hosting Olympic Games has skyrocketed in the past few years. If we take a look, in 1992, Barcelona ($9.7 million), Athens ($3 billion) in 2004 which added to debts of Greece and Spain, London in 2012 spent $15 billion which strengthen the economic downturn before Brexit referendum in UK and last year in 2016, cost at Rio Olympics went up to $10 billion which proved quite a heavy challenge amidst Brazil’s already present security, economic and political issues.
Thinking smart is the motto of Olympics. Next big question that comes up is how Beijing Olympic 2022 can be a success considering every year its cost overrunning the host country?
First prerequisite is the cost control. Secondly, damage control. Thirdly, maintaining sustainability across every sector. Fourth, endorse sports economy and lastly sustained investment in local tourism.
It’s also being considered that by 2022, living standards in China could raise 2.5 times higher the current scenario while its economy’s size will be more than 80 percent of the US economy and about 20 percent of the world economy.