Economics of FIFA World Cup
The FIFA (Fédération Internationale de Football Association) World Cup is arguably the largest international sporting event around the globe. There is always a carnival like ‘feel-good’ atmosphere surrounding the host nation from the moment the decision is made to allocate the World Cup to a nation. It is often easy to get caught up in and become blinded by the excitement of the occasion, and with the media attention ambushing the host nation, the economic effects linked with the considerable investment associated with hosting such a prestigious event are almost totally ignored. However, those involved in the detailed background work required to make the World Cup a massive success expect a positive return on the expenditure associated with the tournament. The 2006 hosts Germany possess the largest economy in Europe, but even then, there was a fear that a net benefit might not have been achieved by hosting the World Cup.
In May 2004, FIFA awarded the hosting of the FIFA World Cup to an African country for the first time in the 101 years of FIFA’s existence. As the host, South Africa stands not as a country alone – but rather as a representative of Africa and as a part of an African family of nations. The need for a positive net benefit from hosting a successful football World Cup is an urgent necessity for South Africa. Within South Africa the challenges of economic development are acute because even though South Africa is the largest economy in its region, it is located in the world’s poorest region.
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What are the economic implications of 2010 World Cup in South Africa following 2006 World Cup in Germany?
