Global events create economic waves that alter industries and societies beyond simple market changes. These changes may take time to emerge and can have long-term effects. The world’s economic infrastructure and systems are continually being reshaped by the global impacts of events such as pandemics, climate change and natural disasters.
These events have far-reaching effects on globalisation through encouraging investments, growing trade and boosting tourism, whilst also raising the profile of cities, nations and regions, galvanising commitment to policy priorities and accelerating or levering long-term infrastructure investment. They can also have a profound social impact by bringing communities together and fostering the development of new technologies and skills.
In addition, hosting a global event can enhance a country’s international influence by demonstrating a culture, values and capabilities to the world. It can also provide opportunities for learning across cultures. However, it is important that the event is carefully planned so that it can deliver its mission without being jeopardised by criminal activities such as blackmail and other financial scams. It is also necessary that the event does not overlap with any other similar or competing events, which could result in a division of attention and the loss of customer base.
The event’s host should also ensure that the environmental conditions of the host region are suitable for this kind of event. This is because the event would generate more revenue when the turnout of spectators is high. This can be achieved by ensuring that the event is not hosted in countries with harsh weather conditions.
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