Playing host helps boost a country’s tally of gold medals by about 50 percent, and its total pile by 20 percent, according to the economists.
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On the first day of competitions on Saturday, India can eye a medal from Jitu Rai, the pint-sized star whose pistol has been shooting medals at nearly every event he has participated in. In a message to Chef-de-Mission Mr. Rakesh Gupta, Indian Contingent for the Rio Olympic 2016, the President said, “I convey my greetings and good wishes to the Indian contingent on the eve of the opening ceremony of the Rio Olympics 2016”.
“As host nations generally “punch above their weight” at the Olympics, Brazil is predicted to fare well in Rio, despite the country’s recent economic problems”, said John Hawksworth, head of macroeconomics in PricewaterhouseCoopers U.K., who sees Brazil winning 25 medals. Inclusion of these factors in the model to predict Olympics winners “reflects the simple insight that a country is more likely to produce world class athletes in a world class environment”.
Yet due to a 22 per cent fall in the price of gold in the last four years from $1622 per troy ounce in 2012 to $1320.75 today, the World Gold Council has valued the medals in Rio this year at approximately $600 each compared to the London Games’ record-high of $706.
That could be the silver (and gold) lining Brazil needs after its troubled journey to host the world’s athletes – a spike in crime, plumbing emergencies and the Zika virus being among just some of its challenges. Similarly, Italian fencers-excuse the bad pun-have been at the cutting edge of the sport for many Games.
In one of the biggest upsets in Olympic basketball history, the United States of America team lost their first game of the tournament to Puerto Rico, whose best player was Carlos Arroyo. Economic, political and institutional environment of various countries, the growth processes along with performances are all taken into consideration to come to an understanding of long term potential of the respective country.
Meanwhile, China is set to triumph in badminton as competitors from previous Olympic Games – Indonesia and South Korea – have fallen meaningfully behind.
Who said economists didn’t have a sense of humor? Pretty well. The firm forecasts that the USA will take home the most gold medals of any country, with 45.
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