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 Financial Happenings Blog 
Sunday, August 24 2008

Now that the Beijing Olympics is done and dusted we wanted to put an economic spin on the results.

 

You may have become aware of the Sunrise program's (Channel Seven) Adjusted Medal Tally comparing Australia's results to the USA based on a per capita basis.  The results were very flattering to Australia.

 

We took this approach a step further and analysed the results of all the countries who won medals at the Olympics comparing the number of medals with the country's GDP from 2007 measured in US dollars.  The GDP data was taken from the International Monetary Fund's World Economic Outlook database - www.imf.org/external/pubs/ft/weo/2008/01/weodata/index.aspx

 

The top 10 countries on this basis were:

 

 

 

Billions of GDP per medal

1

Zimbabwe

0.16025

2

Mongolia

0.97625

3

Jamaica

1.018727

4

Armenia

1.329

5

Georgia

1.7155

6

Tajikistan

1.856

7

Kyrgyz Republic

1.874

8

Kenya

2.092786

9

Belarus

2.356474

10

Togo

2.497

 

Other notable ranks were:

 

 

 

Billions of GDP per medal

30

New Zealand

14.23789

31

Russia

17.91086

35

Australia

19.75709

41

China

32.50827

52

United Kingdom

58.99085

55

France

64.00638

63

Germany

81.02798

73

United States

125.853

79

Japan

175.3505

85

India

366.315

 

If we only were to look at gold medal winners the top ten were:

 

 

 

Billions of GDP per gold medal

1

Zimbabwe

0.641

2

Jamaica

1.867667

3

Mongolia

1.9525

4

Georgia

3.431

5

Ethiopia

4.85775

6

Kenya

5.8598

7

Belarus

11.19325

8

Bahrain

19.66

9

Panama

19.74

10

Ukraine

20.06914

 

and

 

 

 

Billions of GDP per gold medal

21

New Zealand

42.71367

25

Russia

56.06878

27

China

63.74171

28

Australia

64.91614

35

United Kingdom

145.9247

37

Germany

207.6342

44

France

365.7507

45

United States

384.5507

51

Japan

487.0847

53

India

1098.945

 

This just puts another perspective on the Olympic results.  I wouldn't be advising using the tables as a source of picking the best performing share markets for the next year.  Zimbabwe is not somewhere I would be throwing cash at the moment.  It might just be worth keeping an eye out though, as going on the record of forecasters this table could be as useful as some of the more classical methods of forecasting.

 

One definite use of the data is that it will hopefully quieten down a few of our friendly poms who, according to my sister living in London, are pretty happy with themselves given the success of the UK in the Olympics. (I think unbearable was her term!!)

 

Not so good when conversing with our friends from across the ditch in New Zealand who yet again seem to have been able to fight above their weight!!

 

I hope those who are interested in the Olympics have enjoyed the past two weeks and let's hope the euphoria is contagious for our share markets!

 

Good luck to our Paralympians!!

 

Regards,

Scott Keefer

Posted by: Scott Keefer AT 08:18 am   |  Permalink   |  Email
 
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