London Olympics means $26 bn boost for BritainJuly 29th, 2012 - 12:03 am ICT by IANS
London, July 28 (IANS) As the sporting extravaganza of London Olympics 2012 started Saturday, irrespective of the medals’ tally for Britain, the country’s stuttering economy is all set to benefit from a 17 billion pounds (over $26 billion) bounce from the Games.
According to Daily Express, business experts believe the Games will deliver a much-needed boost which should help lift the country out of the double-dip recession. They reckon the positive impact on jobs and growth will continue to be felt for five years.
On Friday, London Mayor Boris Johnson assured that the sporting extravaganza would be a world showcase for the best of British business.
He said: “It is our chance to show the world what we are all about, our chance to throw a great party.
“There are very, very important economic reasons for trying to get the best out of the Games. I want to see great economic benefits from these Games.”
A study from the Lloyds Banking Group earlier this year forecast a 16.5 billion pounds
“Olympic Effect” lasting up to 2017.
Construction and tourism were likely to benefit most, and the tradition of allocating majority of contracts to suppliers outside the capital will help in spreading the benefits.
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- Overseas businesses in London see benefits from 2012 Olympics - Jun 17, 2011
- Rogge lauds athletes, says Olympics happy and glorious (Lead) - Aug 13, 2012
- London 2012 on time and within budget - Jun 14, 2012
- Olympic football: US avenge World Cup loss to Japan - Aug 10, 2012
- Olympic Torch Relay to showcase iconic North West - Jun 20, 2012
- London Olympic Village sold for 557 mn - Aug 14, 2011
- London Olympics likely to be under budget - Feb 29, 2012
- 2012 Olympics to generate extra 1 billion pounds: British PM - Jan 11, 2012
- London Olympics ahead, funds to keep flowing for athletes - Oct 29, 2010
- London Olympics to surpass Beijing 2008: British minister - Jul 22, 2012
- Indian athletes' London tryst amid soaring expectations - Jul 26, 2012
- CWG 2010: Scoring high on glory and ignominy (Year after CWG) - Oct 02, 2011
- Glad to see Olympics medal tally increasing: Big B - Aug 07, 2012
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