2012 Olympics Affect London Economy

September 7, 2012

Unlocking Word Meanings
Read the following words/expressions found in today’s article.

1. spot (n.) 
[spot] – a specific place or area
Example: Many people travel to tourist spots every summer.

2. slump (n.) [sluhmp] – a period of time when a company experiences a decrease in profit
Example: The company had to let go some of its employees to make up for the losses during the economic slump.

3. in the long run (idiom) [in thuh lawng, long ruhn] – happening or occurring in the far future
Example: Saving a little money now will matter a lot in the long run.

4. host (v.) [hohst] – to be the one responsible for arranging everything needed for a certain activity or event Example: Countries who host the Olympic Games should be able to manage a large number of tourists.

5. gallery (n.) [gal-uh-ree, gal-ree] – a room in which people can view works of art like paintings, sculptures, etc.
Example: Some of Leonardo da Vinci’s paintings are kept in French galleries.

Read the text below.

A survey by a tourism association in UK reports that the Olympics have negatively affected the country’s overall economy.

Businesses such as restaurants, hotels and tourist spots said they experienced a slump in sales. Most of the people who visited the UK for the games went to East London’s Olympic Park, leaving Central London with fewer tourists.

On top of this, the UK reportedly spent around $15 billion dollars for the entire Olympics.

However, the government thinks that losses during that time would be worth it in the long run. London’s mayor, Boris Johnson, said the Games were a great way to advertise British industry and engineering. The Olympics also gave government officials the chance to talk with and attract foreign investors.  

But most importantly, for the mayor, the Games showed that with good planning, the British people can achieve whatever they set their minds on.

Decrease in tourist profit seems normal to cities which host the Olympics. Bernard Donoghue, the head of Association of Leading Visitor Attractions, observed that cities which host the Olympics lose some profit because people who come to watch the Olympics do not really want to visit museums, galleries and other tourist places during the time of the Games.

On the other hand, some people say there is no need to advertise London through the Olympics because the city is already a popular spot for tourists worldwide. Many people already want to travel to London, so the Games could not have greatly improved tourism.

Donoghue further adds that it is very difficult to predict the effects of the Olympics on the future economy. However, many Londoners agree that hosting the event was an honor worth more than economic gain.

Viewpoint Discussion
Enjoy a discussion with your tutor. 

Discussion A

·         Why do you think wealthy nations like the UK want to host the Olympics?
·         Would you want your country to host the Olympic Games? Why or why not?

Discussion B

·         What kind of long-term goal would you want your government to work on? Please explain your answer.
·         Would you say that it is possible for your country to achieve this goal?

September 7, 2012