Nexus Between Sports and Economic Development

Abstract

Despite some improvements seen in the systematic use of sport and physical education for economic development around the world in recent years, most of the stakeholders don’t seem to have much of an understanding about the impact sport can have on achieving sustainable development and humanitarian objectives the world is struggling to achieve. Considering the critical conditions, the Sri Lankan economy is facing at the moment, this study would focus on specific remedies Sri Lanka could implement as part of its recovery efforts. Policy makers will not only have to be concerned about the return on investments (ROI), but also about the environmental and social impacts of the programs implemented in the name of economic development. Sri Lanka, being a country that has been experiencing violent conflicts based on ethnic and perhaps even religious backgrounds of people, can benefit from sports activities at all different levels not only to achieve harmony among different ethnic and religious groups but also to achieve the much-needed economic development of the country. This narrative overview focuses mainly on the economic development by developing social and human capital and all other different aspects of the sports industry that can make a significant contribution to the GDP of the country. Globally, sports are big business, and an integral part of the culture and lifestyle of the country. The growth not only in the size but also the complexity and diversity that attract the new ways of thinking about the sports economy. If we, as a country, are serious in using all the resources we have in improving our economy then, we should harness the sporting talents to overcome the economic and social issues while developing appropriate policies to address the problems in the sports industry.