Long-term socio-economic impact of COVID-19 on sport sector

Abstract

The nature of the Covid-19 pandemic’s induced economic crisis is unprecedented: beyond the repeated health and economic shocks, the long-term effects on human capital, productivity and behaviour may also be long-lasting. One of the sectors hit particularly severe by the impacts of Covid-19 is sport. The very existence and work of sport organisations, clubs, professional sport leagues, fitness centres, athletes, coaches, sport staff, sport volunteers and sport-related business, including sport event organisers and sport media, have been battling with staying afloat by cutting all unnecessary expenses and consolidating costs while also trying to maintain the community feel of bringing people together. The crucial role of sport sector could not underestimated, as it is both economic and labour intensive sector, namely, it generates money measured in billions of euros and USD dollars and employs people of all ages in a variety of sport-related jobs, while creating a deep emotional and social connection that positively affects physical and mental health. The aim of this research paper is to analyse and assess the possible long-term socio-economic impact of Covid-19 created crisis on sport sector by using monographic, content analysis and synthesis, logical constructive analysis and generalisation methods. The main results include the sport sector’s list of issues faces and is likely to continue to live with during and after the pandemic.