Rio Olympics still impacting on Brazil’s economy

Global Business

Rio Olympics still impacting on Brazil's economy

It was the first time a South American country ever hosted the Summer Olympics. But Brazil’s political, economic and health crises soon trumped the pre-event excitement.

Yet the organizers hailed it as success but not everyone agrees. Months after the party – the money worries remain. CCTV America’s Lucrecia Franco reports.

Rio Olympics still impacting on Brazil's economy

It was the first time a South American country ever hosted the Summer Olympics. But Brazil’s political, economic and health crises soon trumped the pre-event excitement. Yet the organizers hailed it as success but not everyone agrees. Months after the party – the money worries remain. CCTV America’s Lucrecia Franco reports.

Data released by the International Olympic Committee in December praised Rio’s success.

Many infrastructure projects planned for the games will bring lasting benefits to Rio, like a revamped port area – now a new draw for tourists and the expansion of public transport for visitors to reach the Olympic venues.

While organizers and officials praise the success of the Rio 2016, the Olympic Park, that was specially built to host the mega sporting event, risks becoming a white elephant.

The huge park is locked and closed, waiting for a corporate interest to manage and transform it into what it was supposed to be: a top-level sports facility. The brand new public golf course is also empty, now facing a payment dispute with the company responsible for its maintenance. And among the bills the city has not paid – $3.7 million owed to the International Paralympic Committee.

The games now seem like a distant memory, an unforgettable party leaving a debt hangover, experts said, with no immediate cure in sight.


Professor Jules Boykoff discusses the impact on Brazil’s troubled economy

So what went wrong and can Brazil cash in on the remaining infrastructure. To find out, CCTV America’s Susan Roberts spoke to Jules Boykoff, professor at Pacific University and a former Olympic football player.