By Claire West

The host city for the 2020 summer Olympics and Paralympics will be chosen in Buenos Aires today.

The 125th IOC Session got officially under way with an opening ceremony featuring stunning tango performances in Buenos Aires’ world-famous opera house, the Teatro Colón.

In the coming days, the assembly of the full IOC membership will make a number of landmark decisions, including the selection of the host city for the 2020 Olympic Games today (7 September) the decision on the composition of the 2020 Olympic programme on 8 September, and the election of the next IOC President on 10 September.

In his speech at the opening ceremony, IOC President Jacques Rogge, who will retire at the end of the Session after 12 years at the helm of the Olympic Movement, praised Argentina’s proud Olympic heritage and hailed Buenos Aires, which will host the Youth Olympic Games in 2018, as “a fitting place for discussions and decisions that will help chart the future of the Olympic Movement.”

Economic Impact of Olympic Games

The UK economy saw a £9.9 billion trade and investment boost from the London Olympic and Paralympic Games, 1 year into a 4-year programme of activity and events.

This boost comes from businesses securing contract wins, additional sales and new foreign investment in the last year. An independent report projects the total benefit to the UK from hosting London 2012 could reach up to £41 billion by 2020.