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Originally Posted by Nadar
The Olympics are thought (use the word 'thought' here because I don't know if it actually does) to give the hosting country a large economic boost because of tourism.
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It was my understanding that the greatest benefits actually arose from all the additional (usually public funded) expenditure on large infrastructure projects, particularly transportation and distribution networks (from airport and city-wide mass trasit systems etc), amongst other things. The building of stadia also helps with jobs and the like as well, but they have a smaller multiplier.
Tourism is just torted as an excuse to justify the government not spending that (usually very large) amount of money in a non-olympic year/s. Plus, revenue from tourist consumption taxes help "pay" for it as well, which is handy but reletively inconsequential iirc.
I think the Australian Bureau of Statistics had some modelling done on the 2000 Sydney Olympics done (cant remember whether it was pre or post games though).