Hosting any big events like the FIFA World Cup or the Olympics plays a crucial role in establishing good relations between countries. That’s why many countries want to host these types of events. Just look at the Qatar FIFA World Cup—it was the most expensive FIFA event ever held.
The question arises: why do countries spend so much money on these types of events? The answer is to showcase to the world that they have the capability to host people for these types of events and to increase their global presence. World Cup events showcase the economic effect on countries that host them.
So let’s talk about the economic effect of the FIFA World Cup.
Foreign Direct investment
When a country hosts a large event, it attracts the attention of potential investors from around the world. Hosting such an event provides the hosting nation with an opportunity to showcase its strengths and capabilities to a global audience. This, in turn, can lead to increased investment in the country’s economy.
Many countries that have previously hosted large sporting events have developed their sports infrastructure well. This infrastructure has led to the creation of a strong sports system that attracts many people. The sports market is large and many people follow athletes as idols or role models.
We all know the impact of culture on people. Today, everybody wants to understand different cultures from around the world. These types of big events are the proper source of a new culture of different countries. Because only sports can go beyond boundaries and relate people’s life with others.
Ultimately, soft power plays an important role in showcasing your influence on the world economy.If your country’s economy is doing well and you can showcase that to others, it shows how the world is taking your advice and acting on it.
Just understand the soft power of the United States or China – their economic work or culture methods – and everybody will want to follow to reach a growth stage.
In conclusion, hosting any big events like the FIFA World Cup or the Olympics plays a crucial role in establishing good relations between countries. That’s why many countries want to host these types of events. World Cup events showcase the economic effect on countries that host them and can lead to increased investment in the country’s economy.