Economic Growth
The holding of sporting events has an invaluable impact on the economic development of the country in which they are held. Large financial investments are attracted to the country due to the organization of major sporting competitions, such as the FIFA World Cup, international competitions, and the Olympic Games. The attracted financial investments are directed, first of all, to the construction of stadiums and hotels, the development of transport infrastructure, and the creation of new jobs that provide this construction, service sector, and tourism. Due to the need to prepare and organize competitions, human capital is developed through retraining or improving their skills.
Tourism
Large-scale sporting events attract many visitors and tourists, who can participate as spectators and as participants in the sports world and betting. Tourists can engage in sports betting and become active participants click here to learn more.
The stay of tourists in the country increases income from tourism activities in the form of income received for accommodation, food, entertainment, and direct and indirect taxes received by the state. This ensures an increase in the country’s tourism potential not only for the competition period but also in the long term. Investments in developing hotel and restaurant business, transport infrastructure, and the service sector determine tourist attractiveness in the long term.
Infrastructure Development
Holding major sporting events in the country requires compliance with high international standards. Achieving these standards is possible by improving existing or constructing new sports facilities. It is important to note that these sports facilities will serve athletes and the country as a whole, not only during large-scale sporting events but also in the future, for training national teams and local athletes and hosting local, national, and international events.
In addition to the construction and reconstruction of sports facilities, transport, and urban infrastructure is also being developed. The transport interchange, the introduction of additional communication routes, and the reconstruction and construction of airports, bus stations, and railway bus stations are also necessary. Regarding the city infrastructure, it should be sufficient to accommodate and meet the needs of all city guests who have the desire and opportunity to attend sporting events of this level. This applies to hotels, restaurants, and shops.
Social Sphere
Holding major sporting events also affects the social sphere, which also requires improvement and financial investments. However, it should be noted that the development of the social sphere is an important aspect that will be in demand after the sporting events. For example, they can improve or ensure the construction of educational and medical institutions housing and generally improve living conditions, which will increase the social standards of the population’s standard of living.
International Connections
The organization and holding of major sporting events is an important component of the country’s international relations. These events influence the image of the country and its political and economic position in the international arena. Carrying out sporting events ensures strengthening diplomatic ties and international cooperation, enhancing the country’s image and attracting the attention of the world community; sporting events are an important element in demonstrating the cultural achievements, technology, and hospitality of the country, attracting investments and improving the environmental situation.
Because of studying the impact of major sporting events on the country’s economic development, it was found that major sporting events play a very important role in forming and strengthening the country’s international relations. Thanks to the holding of large-scale sporting events, there is an influx of financial investments into the country, thanks to which the social, transport and urban infrastructure is improved, new jobs are created, the level of tourism increases, the economic growth of the country is ensured and its investment attractiveness increases.
