Tokyo to host 2020 Olympics

Tokyo to host 2020 Olympics

Tokyo to host 2020 OlympicsThis past Sunday in Buenos Aries, Tokyo won the bid for the 2020 summer Olympics against Istanbul and Madrid.

It would seem that the Asian nations are racking up all the bids as the 2018 winter Olympics will be held in Pyongchang, South Korea. Both of these nations have previously hosted the Olympics but it has been over 20 years since either of these nations has had the opportunity to host the games.

The Japanese bid chiefs were reported to have given both a heart-warming and solid presentation. They addressed all the key issues in addition to showing enthusiasm at the chance of being selected as host city.

In honour of the games, the 1964 stadium, which is the stadium used during the first bid after the Second World War, will be renovated.

The well-known architect, Zaha Hadid has created a stunning plan for the stadium that many are eager to see in actuality.

Competitors

Tokyo’s opponents for the bid were Istanbul and Madrid. While all the cities faced their own types of internal issues, it would seem that the third time was the charm for Tokyo.

There was speculation on the city’s chance of returning home successful due to the latest commotion over the Fukushima power plant radiation scares.

However, it would seem that Spain’s financial woes trumped the worry over the plant. It was a concern for the International Olympic Committee whether Madrid would be able to recover their economy in time for the games.

Istanbul was simply at the wrong place at the wrong time. Concerns that the political turmoil in the Middle East would affect Turkey sooner or later was a factor when considering Istanbul’s bid. In addition, the country has also been facing  protests from their own citizens which may be a warning to larger public outcry in the future.

The Olympic Effect

Hosting the Olympics is no easy feat, it will cost Japan a large sum of money to reconstruct the stadium in addition to extra costs that come with the package but there are high hopes that the influx of people gathering to see the games will help out Japan’s struggling economy.

Preparation for the games are expected to cause a large increase in jobs that will aid rising unemployment to level once again. Also, tourism will predictably boom during the time of the Olympic Games and may even increase before.

By far the biggest boost to the economy will come in the form of an increase in consumer confidence as it did for London in the previous games. More and more people will be eager to spend money in excitement in the preceding months before the games. Also, the increase in jobs in the city and the country will cause more individuals to be financially able to make a greater multitude of purchases.

Although the games are off in the distant future, the hope that it brings to a country that was devastated by natural disasters is palpable.

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