How the Olympics Will Bolster Prospects for International Students Studying Abroad in France

Why Nations Seek to Host the Olympics

Nations seek to host the Olympics for various reasons, including the potential for economic growth, increased global recognition, and the opportunity to showcase their culture and achievements. Hosting the Olympics also encourages nations to invest in infrastructure development, which can have long-lasting benefits for the country.

Historical Economic Impact of the Olympics

Historically, the Olympics have generated significant economic benefits for host nations. Some cities, like Barcelona in 1992, saw substantial urban renewal and increased global tourism, leading to long-term economic benefits. However, other cities, such as Athens in 2004, faced financial strain due to the high costs of hosting, resulting in underused venues and increased national debt. On the whole, the economic impact depends heavily on how the host country manages post-Olympic legacy planning and utilization of infrastructure.

In more recent times, the UK government estimated that hosting the London 2012 Olympic and Paralympic Games generated up to £41bn for the British economy by 2020.

The Impact of the Olympics So Far On French Economy and Job Opportunities

The International Olympic Committee estimated the Paris Games could produce a $12.2bn (£9.3bn) economic benefit within the Île-de-France region. According to the national statistics institute, INSEE, The Paris 2024 Olympics was forecasted to contribute 0.3% to the French economy’s growth in the September quarter, potentially bringing overall growth to 0.5%. Many institutions estimated that it’s meant to bring in between €6.7 and €11.1 billion in net economic benefits to the Paris region alone. This influx of capital can lead to increased investment in infrastructure, tourism, and education, creating a ripple effect that benefits the entire economy.

Going by figures, the Olympics have indeed provided much-needed impetus to the French economy, which was otherwise struggling in the midst of political uncertainty. Many benefits are supposed to head in the way of the construction, tourism and the events industry, not to mention that the event will raise the global profile of France in the long run as it has done for countries which hosted it in the past.

At the moment, figures from a closely watched survey of businesses showed monthly French private sector output rose to its highest level in 17 months in August. France’s Tourism Minister Olivia Grégoire states that the French economy has been bolstered by the increase in visitors, and increased spending in sectors such as hotels, restaurants, and museums.

Spending on hotels in cities hosting the Olympic events rose by 16% compared with the previous year, while tourism-related sales at museums and restaurants saw a 25% increase year-on-year, Gregoire told French paper La Tribune Dimanche.

Furthermore, Visa data showed that consumer spending increased by more than 20% during the first weekend of the Olympics compared with the previous year, with foreign Olympics-related spending surging by 29%.

From an employment creation perspective, The Paris 2024 Olympics have created over 150,000 jobs across three major industries. These jobs have been created in areas such as event management, security, transportation, and tourism services. Additionally, nearly 181,000 people are either working or set to work in roles connected with the Games. The Olympics have also led to increased investment in infrastructure and urban development, which can create opportunities for local construction firms, suppliers, and service providers. Increased spending on creating and upgrading stadiums and sporting facilities, transportation systems, housing units amongst other things have contributed further, and towards maintaining the legacy construction done during the Olympics, these jobs will not fizzle out in the long-run. 

Benefits for International Students

It’s quite difficult to quantify the exact impact an event like this can have on the prospects of international students studying there in terms of job opportunities, but we’d say that if there’s significant windfall in an economy, the benefits tend to trickle down to the international student community as well. You must wonder how. Well, here’s how:

1) Enhanced Reputation:

Studying in a country that has hosted the Olympics can enhance the value of your degree.

2) Increased Networking Opportunities:

The Olympics provide a unique opportunity for international students to connect with people from diverse backgrounds.

3) Access to New Technologies:

The Olympics drive innovation, and international students may have access to new technologies and research opportunities.

Conclusion

The Paris 2024 Olympics have opened doors for international students seeking a world-class education in France. If you have considered studying abroad in Europe, France should likely figure at the top of your list. If the prospect of studying in France and in turn the home of some of the top universities in Europe has got you buzzing, do not hesitate to get in touch with us here at Edugo Abroad!