How will The London 2012 Olympic Games affect the U.K. economy Essay

How will The London 2012 Olympic Games affect the U.K. economy - Essay Example The United Kingdom economy has been among the best performing economies in the world for a long time. During the period that lasted from 1990 to 2008, the U.K. economy comfortably managed a 2.3% GDP growth factor. However, in recent times, the economic state of the United Kingdom has been performing poorly (House of Commons, 2009:33). This has elicited doubt among critics that the economy may be taking a down ward turn, and that the United Kingdom may be facing imminent recession. Recent research has revealed that the United Kingdom did not manage to gain substantial growth in 2011. Records collected from the research show that the U.K. financial system only managed a skimpy 0.8% development in 2011. In calculation, the main reason behind the growth was the 0.2% plunge that happened towards the end of the year (Fussey, 2011: 79). This has driven researchers to scheme a very small band of escalation to happen in 2012, amounting to about 0.4%. The analysts forecast that the financial s ystem will undergo a double decline before it starts budding back to its former circumstances. However, the wealth faces a latent growth aid in the form of the 2012 Olympics. London is set to host the 2012 Olympic Games, an event that possesses the potential to favor the U.K. economy greatly, and on an optimistic note in terms of direct and indirect revenue (House of Commons, 2009:47).... The battle took place at the crest of a mountain that shadowed a gorge in the southwestern region of Greece. Zeus managed to conquer over his father in the battle. As a result, the Greece citizens put up a shrine and built an enormous statuette in the gorge in a bid o honor him. The name of the gorge was Olympia. Soon after, the citizens began conducting religious ceremonies with the main agenda being the reverent worship and adoration of Zeus. This was in an attempt to try to gain Zeus’ famed strength and athletic capabilities. Folklore has it that these ceremonies led to the idea of starting the Olympic Games. Though the actual date when the first Olympic event took place is still in doubt, the first recorded event took place in 776 BC. The games consisted of only one occasion, the 190-meter race, which a chef, Coroebus, won. This marked the initial Olympiad. The Olympiad was the name given to the four-year duration by which the Greek citizens traced their history (Guttman, 2003:198). As time went by, athletic contests gained so much significance to the Greek people that the occasions now tended to influence a peaceful nature on the military states. For example, Sparta was famous for its strict military rule and intensive battle training of its population. It reached a point where the Sparta administration would patiently wait for the successful completion of the games’ events before engaging in battle with rival states. Soon after, other cities imitated this unwritten rule. The initial consecutive thirteen games offered only one event, which was the one-stade run (Young, 2004:129). However, as time passed, the then administration gradually