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Draft:International Economics Olympiad (IEO)

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The International Economics Olympiad (IEO) is an annual competition in economics for pre-university students. It is one of the 13 International Science Olympiads.[1] It aims to promote logical thinking and the creative application of general knowledge in solving problems.[2]

The International Economics Olympiad (IEO) is an annual economics competition for high school students. It is broadly a part of competitions focused on the social sciences, integrating the areas of Economics and Finance. The first IEO was held in Moscow, Russia in 2018.

Each nation has one delegation comprising at most five student competitors plus two team leaders selected nationally. The host delegation has the special right to two delegations. Students compete as individuals on the economics and financial literacy test and as a group for the business case round. Students can be awarded gold, silver, or bronze for their efforts. Nations also receive awards ranked by the average performance of student members.

History

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The idea of creating the International Economics Olympiad was conceived by Germano Tietböhl-Martinelli and Danil Fedorovykh in 2018. Created as a simple and effective form of teaching economics to high school students, the International Economics Olympiad was created in addition to other global competitions, such as the Olímpiada Brasileira de Economia. [3]

IEO 2018

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The first edition of the International Economics Olympiad was realized from September 14 to 22, 2018, in Pokrovskoe resort and at the University Higher School of Economics, Russia. With the participation of more than 110 contestants, observers, team leaders and jury members, the first IEO had members from 14 countries: Austria, Brazil, Indonesia, Ireland, Kazakhstan, Latvia, Malaysia, Myanmar, New Zeeland, Portugal, Russia, Spain, Switzerland and United States of America. During the competition, participants had the chance to meet personalities such as Bella Zlatkis and Maxim Oreshkin, visit Google and McKinsey & Company offices, and have classes with Nobel prize winner Eric Maskin. [4] [5]

IEO 2019

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The second edition of the International Economics Olympiad was realized from July 24 to 31, 2019, at Kotchoubey Centre and the University Higher School of Economics, Russia. More than 190 contestants, team leaders, and observers from 25 countries participated in the event. Participants had classes with PhD professors and had the opportunity to visit companies such as Coca-Cola and Moscow Exchange. [6]

IEO 2020

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The third edition of the International Economics Olympiad was realized from September 7 to 13, 2020, as a virtual event due to the Covid-19 pandemic (it was initially planned to be realized in Astana, Kazakhstan). With more than 230 contestants, team leaders, observers, board members, and jury participation, the 2020 IEO achieved attendance from 33 countries. Due to the online realization of the olympiad, events could have been more interactive. Still, contestants had talks with economists such as Gregory Mankiw and Eric Maskin [7] [8]


IEO 2021

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The fourth edition of the International Economics Olympiad was held from July 26 to August 1, 2021, as a virtual event held by the University of Latvia. 361 contestants, team leaders, observers, board members, and jury members from 52 countries participated in the competition, a 57% increase from the previous edition. As the competition was held in Latvia, important Latvian figures, such as the president Egils Levits and Kristaps Strazds, CFO of SEB Bank in Latvia, addressed the contestants on the opening ceremony. [9] [10]

IEO 2022

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The fifth edition of the International Economics Olympiad was realized from July 26 to August 1, 2022, as an offline and online event by SKT Education & Beyond, China. The competition had the participation of 328 contestants, team leaders, observers, board members, and a jury from 46 countries and territories. While the majority of teams competed online, five European teams (Greece, North Macedonia, Slovenia, Switzerland, and Turkey) gathered in Turkey to compete together. [11] [12]

IEO 2023

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The sixth edition of the International Economics Olympiad was realized from July 24 to August 2, 2023, as a hybrid event held by the University of Thessaly, in Volos, Greece. A total of 387 contestants, team leaders, observers, board members, and jury participated in the olympiad, with 14 full teams participating in person and 32 participating online. [13] [14]

IEO 2024

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The seventh edition of the International Economics Olympiad was held from July 22 to 31, 2023, as a hybrid event held by G.T. (Ellen Yeung) College in the city of Hong Kong. More than 300 contestants, team leaders, observers, board members, and jury members from 52 countries and territories participated. Participants had the chance to listen and have classes with xx economists, such as Daron Acemoglu and Eric Maskin. [15] [16]

How the Olympiad works

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Similarly to other Science Olympiads, the IEO is focused on testing theoretical advanced knowledge. The competition includes three phases: an economics test, a financial literacy test, and a business case. Examinations cover the main fields of economics and finance, including principles of economics, microeconomics, game theory, macroeconomics, international economics, the economics of the environment and sustainable development, and relevant research in economics. [17]

The economics test consists of 20 multiple-choice questions and six open questions (from which the student must answer five questions), with an overall time limit of 235 minutes. It is the most demanding part of the competition, weighing 50% of the medal awards.

The financial literacy test was recently implemented, replacing the old financial literacy simulator. It consists of 25 multiple-choice questions and has a time limit of 60 minutes. It aims to test students’ understanding of financial concepts and models. It weighs 25% of the medal awards.

The business case is the last phase of the competition, where students of the same country work together to complete consultant-level slides, proposing a solution to a real problem within 24 hours. After submissions, teams must present their slides for a maximum of 10 minutes and answer a Q&A for another 10 minutes. The best teams advance to the finals, where they will face another round of presentation and Q&A. This phase weighs 25% of the medal awards. [18]

Summary

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No. Year City Country Date Hosting organization Participating countries
1 2018 Moscow  Russia 14 September – 22 September Higher School of Economics 13[19]
2 2019 St. Petersburg  Russia 24 July – 31 July Higher School of Economics 24[20]
3 2020 Online  Kazakhstan 7 September – 13 September Astana International Financial Centre 33[21]
4 2021 Online  Latvia 26 July – 1 August University of Latvia 44[22]
5 2022 Online  China 26 July – 1 August SKT Education & Beyond 40[23]
6 2023 Volos  Greece 24 July – 2 August The University of Thessaly 47[24]
7 2024 Hong Kong  Hong Kong 22 July – 31 July GT College 50[25]

Medal History

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No. Country Gold Silver Bronze Total
1  Brazil 19 12 3 34
2  Canada 15 5 5 25
3  Russia 14 15 10 39
4  United States 7 8 7 22
5  India 5 10 9 24
6  Taiwan 5 9 11 25
7  Chile 4 16 13 33
8  Latvia 4 11 6 21
9  Singapore 4 6 0 10
10  New Zealand 4 4 3 11

Podium

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No. Year Gold Silver Bronze
1 2018  Latvia  Russia  Brazil &  Kazakhstan
2 2019  Brazil  China  China
3 2020  Brazil  Indonesia  Russia
4 2021  Brazil  Canada  United States
5 2022  United States  Brazil  Canada
6 2023  Brazil  Indonesia  Canada
7 2024  Singapore  Taiwan  Russia

References

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  1. ^ "General Information about IEO". International Economics Olympiad. Retrieved 2023-02-17.
  2. ^ Monamee, Maisha (August 27, 2019). "Team Bangladesh at International Economics Olympiad 2019". The Daily Star.
  3. ^ "Olímpiada Internacional de Economia". NOIC.
  4. ^ "IEO Final Report 2018" (PDF).
  5. ^ "Brasileiros conquistam medalhas de ouro e prata em Olimpíada Internacional de Economia". Brasil Escola.
  6. ^ "IEO Final Report 2019" (PDF).
  7. ^ "IEO Final Report 2020" (PDF).
  8. ^ "Latvian pupils triumph at International Economics Olympiad". LSM.
  9. ^ "IEO Final Report 2021" (PDF).
  10. ^ "Alunos brasileiros derrotam equipes de 43 países e vencem Olimpíada de Economia". CNN Brasil.
  11. ^ "IEO Final Report 2022" (PDF).
  12. ^ "Conheça os brasileiros finalistas da Olimpíada Internacional de Economia". Exame.
  13. ^ "IEO Final Report 2023" (PDF).
  14. ^ "Brasil conquista o primeiro lugar na Olimpíada Internacional de Economia, na Grécia". G1. 30 August 2023.
  15. ^ "IEO 2024".
  16. ^ "Bangladeshi prodigy shines bright at International Economics Olympiad 2024, Hong Kong". The Business Standard. 31 July 2024.
  17. ^ "Nobels".
  18. ^ "IEO".
  19. ^ "IEO Final Report 2018" (PDF).
  20. ^ "IEO Final Report 2019" (PDF).
  21. ^ "IEO Final Report 2020" (PDF).
  22. ^ "IEO Final Report 2021" (PDF).
  23. ^ "IEO Final Report 2022" (PDF).
  24. ^ "IEO Final Report 2023" (PDF).
  25. ^ "IEO 2024".
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Official website

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