Draft:International Economics Olympiad
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International Economics Olympiad (IEO)
[edit]The International Economics Olympiad (IEO) is an annual global competition for high school students that assesses their knowledge in economics, business, and finance. The event, organised by the International Economics Olympiad Association, attracts participants from over 68 countries and territories. Its objective is to promote interest in economics and financial literacy among young people.
History
[edit]The Olympiad was established in 2018 by the IEO International Board, with the inaugural event held in Moscow, Russia. It has since expanded, being hosted in various cities, including St. Petersburg (Russia), Astana (Kazakhstan), Riga (Latvia), Volos (Greece), and Hong Kong (China). The competition takes place annually in July and typically lasts ten days.
Mission and Goals
[edit]The IEO aims to identify and support talented students in economics, finance, and business. It also seeks to encourage international collaboration and the exchange of educational practices. The competition promotes academic excellence and cross-cultural dialogue while providing students with a platform to apply their skills in real-world scenarios.
Governance
[edit]The IEO Olympiad is overseen by three main governing bodies:
- Advisory Board: Provides guidance on long-term development and liaises with government bodies, NGOs, and business communities.
- Executive Board: Comprises 14 members from 12 countries, responsible for managing operational aspects.
- International Board: Includes 60 members from 51 countries, making strategic decisions regarding the competition's structure and policies.
Notable members of the Advisory Board include Nobel laureates and distinguished academics, such as Eric Maskin (Harvard University), Daron Acemoglu (MIT), and Laurence Kotlikoff (Boston University).
The Executive Board consists of 14 members from 12 countries, responsible for overseeing the operational aspects of the Olympiad.
As of 2024, the International Board includes 60 members from 51 countries. It comprises both Executive Board members and the Team Leaders of that year’s competition. The International Board is tasked with making strategic decisions for the IEO, including general guidelines for task composition and the selection of Host Organizations.
Format and Structure
[edit]The IEO consists of three main components:
- Economics: Evaluates participants' understanding of microeconomic and macroeconomic principles.
- Financial Literacy: Involves problem-solving tasks related to personal finance, investment, and risk management.
- Business Case: Teams develop solutions to real-world business challenges presented by industry professionals and academics.
Participants compete both individually and in teams, with individual assessments for economics and financial literacy, while the business case section is team-based.
Selection Process
[edit]Participation in the IEO is open to high school students who qualify through national economics competitions. Each country or region sends a team of up to five participants, who must be younger than 20 years old and have not yet completed their secondary education by the time of the competition. To ensure accessibility, the IEO has mandatory requirements for national competitions, including a low registration fee and coverage of the entire country's territory.
Hosting and Organization
[edit]The Olympiad is managed by the International Economics Olympiad Association, with each annual event being organised by a local steering committee in the host city. The 2025 IEO will be held in Baku, Azerbaijan.
Past Competitions
[edit]| No. | Year | Location/Format | Host Country | Date | Date | Countries and Territories | Contestants | Website |
| 1 | 2018 | Moscow | Russia | 14 September | 22 September | 13 | 64 | https://2018.ecolymp.org/ |
| 2 | 2019 | St. Petersburg | Russia | 24 July | 31 July | 24 | 131 | http://2019.ecolymp.org/ |
| 3 | 2020 | Online | Kazakhstan | 7 September | 13 September | 35 | 130 | https://2020.ecolymp.org/ |
| 4 | 2021 | Online | Latvia | 26 July | 1 August | 44 | 217 | https://2021.ecolymp.org/ |
| 5 | 2022 | Online | China | 26 July | 1 August | 40 | 201 | https://2022.ecolymp.org/ |
| 6 | 2023 | Hybrid (Volos) | Greece | 24 July | 2 August | 47 | 223 | http://2023.ecolymp.org/ |
| 7 | 2024 | Hybrid (Hong Kong) | China | 22 July | 31 July | 50 | 237 | https://2024.ecolymp.org/ |
Awards
[edit]Medals and certificates are awarded to participants based on their performance in both individual and team categories. The top performers receive gold, silver, and bronze medals. Additionally, Honourable Mentions are awarded to individuals and teams who excel in specific subject areas, including "Best in Economics", "Best in Finance", "Best in Business Case". Furthermore, the three best teams with the highest overall scores across all categories receive trophies for their first, second, and third-place achievements. The top three teams receive trophies based on overall performance.
All-time Medals
[edit]| No. | Country | Appearances | Year of Participation | Gold | Silver | Bronze | Total |
| 1 | Albania | 4 | 2021, 2022, 2023, 2024 | 0 | 1 | 2 | 3 |
| 2 | Argentina | 1 | 2023 | 0 | 0 | 0 | 0 |
| 3 | Armenia | 4 | 2021, 2022, 2023, 2024 | 0 | 2 | 3 | 5 |
| 4 | Australia | 1 | 2021 | 0 | 2 | 0 | 2 |
| 5 | Austria | 3 | 2018, 2019, 2020 | 0 | 0 | 1 | 1 |
| 6 | Azerbaijan | 1 | 2024 | 0 | 0 | 0 | 0 |
| 7 | Bangladesh | 6 | 2019, 2020, 2021, 2022, 2023, 2024 | 0 | 1 | 11 | 12 |
| 8 | Belarus | 3 | 2021, 2022, 2023 | 0 | 1 | 2 | 3 |
| 9 | Bhutan | 1 | 2024 | 0 | 0 | 0 | 0 |
| 10 | Brazil | 7 | 2018, 2019, 2020, 2021, 2022, 2023, 2024 | 19 | 12 | 3 | 34 |
| 11 | Bulgaria | 1 | 2021 | 0 | 0 | 0 | 0 |
| 12 | Cambodia | 4 | 2021, 2022, 2023, 2024 | 0 | 0 | 1 | 1 |
| 13 | Canada | 5 | 2020, 2021, 2022, 2023, 2024 | 15 | 5 | 5 | 25 |
| 14 | China | 6 | 2019, 2020, 2021, 2022, 2023, 2024 | 4 | 22 | 13 | 39 |
| 15 | Colombia | 4 | 2021, 2022, 2023, 2024 | 0 | 0 | 2 | 2 |
| 16 | Croatia | 1 | 2021 | 0 | 0 | 0 | 0 |
| 17 | Cyprus | 1 | 2024 | 0 | 0 | 3 | 3 |
| 18 | Ecuador | 4 | 2021, 2022, 2023, 2024 | 0 | 0 | 3 | 3 |
| 19 | Georgia | 1 | 2023 | 0 | 0 | 0 | 0 |
| 20 | Ghana | 6 | 2019, 2020, 2021, 2022, 2023, 2024 | 0 | 0 | 1 | 1 |
| 21 | Greece | 6 | 2019, 2020, 2021, 2022, 2023, 2024 | 0 | 5 | 6 | 11 |
| 22 | Hong Kong (China) | 4 | 2021, 2022, 2023, 2024 | 2 | 7 | 8 | 17 |
| 23 | Hungary | 1 | 2020 | 0 | 0 | 1 | 1 |
| 24 | India | 6 | 2019, 2020, 2021, 2022, 2023, 2024 | 3 | 3 | 13 | 19 |
| 25 | Indonesia | 7 | 2018, 2019, 2020, 2021, 2022, 2023, 2024 | 5 | 10 | 13 | 28 |
| 26 | Iran | 5 | 2020, 2021, 2022, 2023, 2024 | 0 | 1 | 3 | 4 |
| 27 | Ireland | 4 | 2018, 2019, 2020, 2021 | 0 | 1 | 8 | 9 |
| 28 | Japan | 2 | 2023, 2024 | 0 | 0 | 2 | 2 |
| 29 | Kazakhstan | 7 | 2018, 2019, 2020, 2021, 2022, 2023, 2024 | 1 | 5 | 18 | 24 |
| 30 | Kenya | 1 | 2024 | 0 | 0 | 0 | 0 |
| 31 | Kyrgyzstan | 5 | 2020, 2021, 2022, 2023, 2024 | 0 | 0 | 1 | 1 |
| 32 | Latvia | 4 | 2018, 2019, 2020, 2021 | 4 | 11 | 6 | 21 |
| 33 | Lebanon | 1 | 2021 | 0 | 0 | 0 | 0 |
| 34 | Lithuania | 2 | 2021, 2022 | 0 | 2 | 7 | 9 |
| 35 | Macau (China) | 3 | 2022, 2023, 2024 | 0 | 0 | 2 | 2 |
| 36 | Malaysia | 7 | 2018, 2019, 2020, 2021, 2022, 2023, 2024 | 3 | 9 | 12 | 24 |
| 37 | Mexico | 4 | 2020, 2021, 2022, 2023, 2024 | 0 | 4 | 6 | 10 |
| 38 | Mongolia | 3 | 2022, 2023, 2024 | 0 | 1 | 0 | 1 |
| 39 | Montenegro | 2 | 2022, 2023 | 0 | 0 | 0 | 0 |
| 40 | Myanmar | 2 | 2018, 2022 | 0 | 0 | 1 | 1 |
| 41 | Nepal | 6 | 2019, 2020, 2021, 2022, 2023, 2024 | 0 | 1 | 11 | 12 |
| 42 | New Zealand | 4 | 2018, 2019, 2020, 2021 | 4 | 7 | 5 | 16 |
| 43 | Nigeria | 4 | 2021, 2022, 2023, 2024 | 0 | 0 | ||
| 44 | North Macedonia | 3 | 2022, 2023, 2024 | 0 | 0 | 1 | 1 |
| 45 | Oman | 1 | 2023 | 0 | 0 | 0 | 0 |
| 46 | Pakistan | 2 | 2021, 2024 | 0 | 0 | 2 | 2 |
| 47 | Peru | 2 | 2023, 2024 | 0 | 0 | 0 | 0 |
| 48 | Philippines | 1 | 2024 | 0 | 0 | 0 | 0 |
| 49 | Poland | 3 | 2019, 2020, 2021 | 3 | 9 | 1 | 13 |
| 50 | Portugal | 3 | 2019, 2021, 2024 | 1 | 0 | 2 | 3 |
| 51 | Republic of Korea | 6 | 2019, 2020, 2021, 2022, 2023, 2024 | 3 | 5 | 15 | 23 |
| 52 | Romania | 6 | 2019, 2020, 2021, 2022, 2023, 2024 | 0 | 4 | 11 | 15 |
| 53 | Russia | 7 | 2018, 2019, 2020, 2021, 2022, 2023, 2024 | 15 | 15 | 10 | 40 |
| 54 | Rwanda | 1 | 2024 | 0 | 0 | 0 | 0 |
| 55 | Singapore | 2 | 2023, 2024 | 4 | 6 | 0 | 10 |
| 56 | Slovenia | 3 | 2022, 2023, 2024 | 1 | 6 | 7 | 14 |
| 57 | Spain | 5 | 2018, 2019, 2021, 2023, 2024 | 0 | 0 | 13 | 13 |
| 58 | Sri Lanka | 4 | 2021, 2022, 2023, 2024 | 0 | 1 | 5 | 6 |
| 59 | Switzerland | 7 | 2018, 2019, 2020, 2021, 2022, 2023, 2024 | 0 | 7 | 12 | 19 |
| 60 | Taiwan | 5 | 2020, 2021, 2022, 2023, 2024 | 5 | 9 | 11 | 25 |
| 61 | Thailand | 4 | 2021, 2022, 2023, 2024 | 3 | 7 | 6 | 16 |
| 62 | Türkiye | 4 | 2021, 2022, 2023, 2024 | 1 | 2 | 9 | 12 |
| 63 | Turkmenistan | 1 | 2023 | 0 | 0 | 0 | 0 |
| 64 | United Arab Emirates | 2 | 2023, 2024 | 0 | 1 | 3 | 4 |
| 65 | United Kingdom | 2 | 2023, 2024 | 0 | 0 | 6 | 6 |
| 66 | United States of America | 6 | 2018, 2019, 2020, 2021, 2022, 2024 | 7 | 8 | 7 | 22 |
| 67 | Uzbekistan | 5 | 2019, 2021, 2022, 2023, 2024 | 0 | 0 | 1 | 1 |
| 68 | Vietnam | 4 | 2021, 2022, 2023, 2024 | 0 | 1 | 13 | 14 |
Gender Gap
[edit]In the main summer Olympiad, girls make up 31.5% of the participants. The IEOx OpenTrack sees a higher percentage of female participation at 42.7%, while the IEOx WinterChallenge also shows involvement with 42.0% of participants being girls.
IEOx Community Projects
[edit]The IEOx community is an educational and competitive extension of the International Economics Olympiad. It includes a series of lectures and discussions led by experts in economics, finance, and entrepreneurship. Additionally, IEOx hosts several competitions that are held throughout the year, aimed at engaging a wider audience beyond the main Olympiad event.
The IEOx community includes:
OpenTrack (OT): This competition runs concurrently with the main Olympiad and is open to participants who may not be part of official national teams.
| No. | Project | Year | Countries | Registrations | Contestants |
| 1 | IEOx OpenTrack | 2020 | 18 | 277 | 101 |
| 2 | IEOx OpenTrack | 2021 | 41 | 515 | 160 |
| 3 | IEOx OpenTrack | 2022 | 35 | 853 | 375 |
| 4 | IEOx OpenTrack | 2023 | 39 | 480 | 287 |
| 5 | IEOx OpenTrack | 2024 | 61 | 593 | 308 |
WinterChallenge (WiC): Organized during the winter, this competition focuses on specific challenges in economics and financial literacy. It serves as an additional platform where participants can apply and expand their knowledge and skills beyond the primary summer Olympiad.
| No. | Project | Year | Countries | Registrations | Contestants |
| 1 | IEOx WinterChallenge | 2021 | 24 | 581 | 366 |
| 2 | IEOx WinterChallenge | 2022 | 44 | 1033 | 363 |
| 3 | IEOx WinterChallenge | 2023 | 66 | 1674 | 624 |
| 4 | IEOx WinterChallenge | 2024 | 66 | 1741 | 760 |
EssayChallenge (EsC): Held in the autumn, this competition encourages participants to explore and present their thoughts on topics of their choice through essays. The EssayChallenge is a global competition aimed at high school students. It provides participants with an opportunity to turn their academic work into research on topics spanning economics, business, and finance. Open to individual or team entries (up to three members), the competition fosters analytical and critical thinking and encourages cross-cultural idea exchange.
| No. | Project | Year | Countries | Individual registrations | Team registrations | Contestants/Teams |
| 1 | IEOx EssayChallenge | 2024 | 32 | 204 | 168 | 62 |
| 2 | IEOx EssayChallenge | 2025 | 46 | 430 | 313 | 116 |
References
[edit]- ^
- Spanish national Economics Team being meeting and being awarded by the Minister of Education, 2018: https://ceapes.org/index.php/item/40-los-premiados-de-la-olimpiada-de-economia-con-la-ministra-de-educacion
- Yang Fan Yun’s meeting with New Zealand’s Prime Minister, Kate Laurell Ardern, 2019: https://www.beehive.govt.nz/release/new-zealand%E2%80%99s-top-scholars-recognised-parliament
- Latvian’s team interview on national TV, 2020: https://eng.lsm.lv/article/society/education/latvian-pupils-triumph-at-international-economics-olympiad.a375069/
- Meet the Ontario teen behind Canada’s Economics Olympiad, 2023: https://www.nationalobserver.com/2021/06/02/news/meet-ontario-teen-behind-canadas-economics-olympiad
- How two Bengaluru Students Made India Proud at International Economics Olympiad, 2022: https://www.youtube.com/watch?si=VlkfAGij93uiHAF2&v=7Z9JzgIGdoI&feature=youtu.be
- Brazil’s national team formation on Bloomberg Brazil and their meeting with the President of the Central Bank of Brazil, Roberto Campos Neto, and the directors Ailton Aquino, Gabriel Galípolo and Diogo Guillen, 2023: https://www.linkedin.com/posts/banco-central-do-brasil_o-presidente-do-bc-roberto-campos-neto-activity-7117138043530022912-XZG-?utm_source=share&utm_medium=member_desktop
- Greek National team performance in the International Economics Olympiad, 2023: https://www.ertnews.gr/eidiseis/epistimi/me-tria-asimenia-kai-ena-xalkino-i-ellada-sti-diethni-olympiada-oikonomikon-stin-ert-milaei-o-v-malasidis/
- Team Latvia meeting with Latvia’s President Raimonds Vējonis, 2023: https://www.president.lv/lv/jaunums/valsts-prezidents-rigas-pili-sveic-starptautisko-macibu-prieksmetu-olimpiazu-dalibniekus?utm_source=https%3A%2F%2Fwww.google.com%2F
- Team UAE meeting with UAE President Sheikh Mohamed, 2024: https://www.khaleejtimes.com/uae/watch-uae-president-meets-award-winning-students-who-bagged-global-medals
- The first International Olympiad for high school students in economics, 2018, has started in Russia: https://www.ng.ru/economics/2018-09-16/4_7311_sber.html
- The International Olympiad for high school students in economics, 2018 starts in Moscow: https://edu.gov.ru/press/413/v-moskve-startuet-mezhdunarodnaya-olimpiada-shkolnikov-po-ekonomike/
- On September 15, the International Olympiad for high school students in economics kicked off in the capital, 2018:https://vm.ru/moscow/643612-15-sentyabrya-mezhdunarodnaya-olimpiada-shkolnikov-po-ekonomike-startovala-v-stolice
- The first International Olympiad for high school students in economics, 2018, has been launched: https://russiaedu.ru/news/zapushchena-pervaia-mezhdunarodnaia-olimpiada-shkolnikov-po-ekonomike
- Moscow will host the first International Olympiad for high school students in economics, 2018: https://rg.ru/2018/09/17/reg-cfo/v-moskve-projdet-pervaia-mezhdunarodnaia-olimpiada-shkolnikov-po-ekonomike.html
- The Higher School of Economics will host the opening of the second International Olympiad for high school students in economics, 2019: https://topspb.tv/news/2019/07/24/v-vysshej-shkole-ekonomiki-sostoitsya-otkrytie-ii-mezhdunarodnoj-olimpiady-shkolnikov-po-ekonomike/
- Beglov launched the opening of the second International Olympiad for high school students in economics, 2019:http://sanktpeterburg.bezformata.com/listnews/olimpiadu-shkolnikov-po-ekonomike/76469439
- Alexander Beglov welcomed the participants of the International Olympiad in Economics, 2019:https://topspb.tv/news/2019/07/24/aleksandr-beglov-poprivetstvoval-uchastnikov-mezhdunarodnoj-olimpiady-po-ekonomike/
- In St. Petersburg, the Economics Olympiad has come to an end. Russians marginally missed the prize-winning places, 2019:https://www.fontanka.ru/2019/08/01/010/
- Hong Kong hosts the International Economics Olympiad for the first time, 2024: https://www.takungpao.com.hk/news/232109/2024/0724/993855.html
- The 2024 International Economics Olympiad ended successfully. The Hong Kong team achieved impressive results of 1 gold, 5 silver and 4 bronze, 2024: https://m.tkww.hk/a/202408/01/AP66ab518fe4b051980695054f.html
- Hong Kong hosts the International Economics Olympiad for the first time, 2024: https://std.stheadline.com/daily/article/2612260
- Olympiad gold-winning students look forward to using what they have learned to contribute to Xiangjiang, 2024: https://www.wenweipo.com/epaper/view/newsDetail/1819081422850363392.html
- G.T. (Ellen Yeung) College held the International Economics Olympiad, and the Hong Kong team won great results, 2024: https://www.stheadline.com/knowledge/3370380
- ^
External Links
[edit]- Official website: https://ecolymp.org/#popup:statement
- LinkedIn: https://www.linkedin.com/company/ieo-international-economics-olympiad/?viewAsMember=true
- Instagram: https://www.instagram.com/the_ieo/profilecard/?igsh=MW9saHltMW9jaGtqeQ==
- Facebook: https://www.facebook.com/Ecolymp
- International Economics Olympiad 2018: https://2018.ecolymp.org/
- International Economics Olympiad 2019: http://2019.ecolymp.org/
- International Economics Olympiad 2020: https://2020.ecolymp.org/
- International Economics Olympiad 2021: https://2021.ecolymp.org/
- International Economics Olympiad 2022: https://2022.ecolymp.org/
- International Economics Olympiad 2023: http://2023.ecolymp.org/
- International Economics Olympiad 2024: https://2024.ecolymp.org/
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