The Olympic games might give a long-lasting boost to east London. That's one inference of this new paper. It estimates that regions which were venues for parts of the 1972 Munich Olympics enjoyed GDP growth of around 8.6 per cent relative to non-venue regions between 1966 (when the venues were announced) and 1988.
However, the paper found no statistically significant employment effects - contrary to the experience of the Atlanta games, which does seem to have created jobs. And it found that all the boost came in 1966-72 - that is, as a result of the investments made in preparation for the games - with the "legacy effect" being roughly zero.
Nevertheless, given that the 1972 games were not an unmitigated success, this suggests a reason for greater optimism than some earlier findings.