Sport and physical activity are parts of the global society. There are many reasons why individuals, teams, private and public organizations, and governments understand the importance of sport. Factors ranging from financial incentives for individuals, job creation and security, improvement of fitness, mental agility and health, the promotion of healthy aging and having a sense of wellbeing. Sport can be a tool used to positively affect work productivity and reduce health costs, which in turn can reduce government spending on subsidizing the health industry.
Sport can generate business to various stakeholders ranging from sporting facilities, enterprises, manufacturers, events, sporting clubs, schools, and gyms. Sport is seen as a high employment multiplier because it requires significant human resources and therefore generates viable employment opportunities as sport has indirect and direct revenue earners such as sporting venues, media, players, teams, vendors, suppliers, small business owners and the public. Sporting events have a direct impact local economy also provides opportunities for marketing and promotion of the countries by way of products, services, or investment. Many countries around the world can use sport to increase their Gross Domestic Product.
In addition, sport can promote social cohesion and well-being as social groups develop skills which can enhance their employability. Sport and physical activity must be more than just providing individual benefits. In a modern global economy, sport is often seen as a mechanism or conduit for assisting countries in maintaining cohesion and building both a social and economic capacity which can lead to direct and indirect contributions for countries.
Image credit: Cambridge National Sport Studies