The only difference an Olympic medal makes is when people start taking notice of the country the medalist is from, interested in it and willing to invest in it. A good example is like Usain Bolt and the Jamaican team, they have put Jamaica into the spotlight. Now people everywhere knows where it is, or at least seek it out. The positive reputation will see arrivals, boost tourism, stimulate investment and economic growth.
Singapore's measley bronzes at a staggering $650K? A farking waste of public money IMHO.