Oct. 2 — Rio de Janeiro won the vote to stage the 2016 Olympics and become the first city in South America to host the event.
The games would help sustain Brazil’s economic growth by injecting $51.1 billion into Latin America’s largest economy through 2027 and add 120,000 jobs annually through 2016, according to studies by a Sao Paulo business school for the Ministry of Sports. Brazil plans $11 billion of investments as host, more than any other of the bidding cities.

“The IOC felt they owed South America the Games and the passion Rio in speeches expressed was heartfelt,” Marc Ganis, president of SportsCorp Ltd., a Chicago-based sports consulting firm, said in a telephone interview.

Rio, in a metropolitan area with 12 million people, centered its bid on using sports as a catalyst for social integration, celebration and transformation of the city, the region and the country. The city promised impeccable games.

Rio failed in attempts to host the 2004 and 2012 Olympics, when its bids didn’t have the participation of federal and state governments. This time there is full alignment of the three levels of government and the bid enjoys the strong leadership and involvement of the national Olympic committee, as well as athletes.

Brazil’s Bovespa stock index rallied, the only major equity measure in the world to rise today, and the currency rose on speculation the Rio victory will lure investment to the country.

The Bovespa rose 0.9 percent to 61,013.72 at 2:03 p.m. in Sao Paulo, led by airlines Tam SA and Gol Linhas Aereas Inteligentes SA. The real, the best-performing emerging-market currency against the dollar this year, gained 0.4 percent to 1.7788.

Source: Bloomberg