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business4h ago
The global sports industry risks losing $1.6trillion by 2050, report warns
- WEF and Oliver Wyman estimate the sports industry could lose $1.6 trillion by 2050 due to inactivity and climate risks.
- Long-term projections show growth to $3.7 trillion by 2030, then above $8.8 trillion by 2050 if conditions improve.
- Inactivity threatens the foundational consumer base for participation, tourism, and merchandise.
- The report links weather stability and climate risks to elite sport and grassroots participation.
- The study urges sustainable practices at events and longer lifespans for equipment to curb waste.
- The report notes the sport sector already contributes over two percent of GDP in Western economies and sustains one in 25 jobs.
- Key growth drivers include sports tourism, investors' interest, and women's sport going mainstream.
- Winter Olympics, FIFA World Cup, and other events will boost sports tourism in 2026.
- The report cautions progress could stall without sustainable resource use and smart city planning.
- WEF and Oliver Wyman say the industry currently underpins jobs and GDP but faces sustainability-linked risks.
- WEF and partners plan to discuss the findings with leaders at Davos next week.
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