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British officials claim 2012 Summer Olympics boosted economy

British officials say the London Olympics helped bring a $24.3-billion boost to the economy

With Olympic officials focused on making the Games more economically viable -- and Brazilian organizers struggling to prepare for 2016 -- a report Wednesday claims that the 2012 Summer Olympics in London have had a lasting, positive impact.

UK Trade and Investment, a department of the British government, said efforts to raise sales, contracts and foreign investment that were launched during the London Games have resulted in a $24.3-billion boost to the economy.

"It follows on from London 2012, which was not just an amazing sporting event, but also a great opportunity to secure a lasting economic and sporting legacy for the whole UK," Prime Minister David Cameron said in a statement.

Financial experts have long questioned claims of economic benefits linked to major sporting events.

The International Olympic Committee hopes to address issues of cost with its "Olympic Agenda 2020," which will come in the wake of Russia spending a record $51 billion-plus to host this year's Winter Games in Sochi.

Construction delays and civic unrest have hampered preparations in Brazil, where Rio de Janeiro is set to hold the 2016 Summer Games.

Copyright © 2014, Los Angeles Times
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