Pakistan has failed to correctly understand sports. They lack the appeal to call athletes to participate in world competitions. They also do not realize the importance of competition promotion, and they don't have enough funds to invest in sports events.
Sports have the power to change the world! One of the greatest leaders of the Nelson Mandela era stated that sports have the ability to gather strength, which is something that many people do not have. It also brings new hope to places that used to be desperate.
Active participation in sports can improve the health of the entire society, raise the level of productivity, standardize social order and breed great leaders and become active in social activities. Holding a large-scale sports event is conducive to strengthening infrastructure construction, creating employment opportunities, ensuring the inflow of foreign capital and making important contributions to economic development. Therefore, the impact of sports on the economy is manifold and its role is far greater than what we have seen.
The Olympic medal is a symbol of a country’s socioeconomic status. To further clarify these points, we next take Pakistan as an example. Since 1948, the medals won by the country represented the country's socio-economic status. The chart shows that the decline in the level of sports is consistent with the decline in the overall economic strength of Pakistan.
The sports industry can be clearly included in the modern industry. According to Kearney's research on a global management consulting firm, the global sports industry is growing rapidly, with the growth rate higher than the growth rate of the GDP of each country.
Capitalists have long aimed at the sports industry trying to share a cup of tea, enhance brand value, and promote economic development. The sports events market includes ticket sales, media rights, and related business opportunities brought by sponsors.
During the period from 2009 to 2013, the average annual growth rate of the sports industry was 7%. In many developed countries in the world, the economic development rate of the sports market has also surpassed GDP, especially the major countries including the United States, Brazil, and France.
The sports industry has a bright future
In recent years, the total output value of sports events has continued to climb, from 58 billion U.S. dollars in 2009 to 750 dollars in 2013 and then to 80 billion U.S. dollars in 2014. If sporting goods, sports equipment, and health care consumption are included, the sports industry will create a total value of 700 billion U.S. dollars per year, accounting for 1% of global GDP.
What is wrong is that in Pakistan, the sports industry is not taken seriously. Most sports organizations are run by people who lack passion and professionalism. Although the country has implemented some extremely simple strategies to promote sports and has trained some famous athletes to bring honor to the country, it turns out that only when the state gives financial support can it stimulate the desire and passion of the athletes.
Perhaps social and economic benefits and the welfare of the people cannot urge entrepreneurs and government officials to consider the development of the sports industry, but if they deny the monetary benefits of the sports industry, it would be foolish.
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