2011 September 2
Rugby World Cup to boost economy of all countries involvedRugby World Cup to boost economy of all countries involved
The Rugby World Cup is set to boost the economies of all the teams involved, claims a financial expert.
Professor David Pickernell, who is an expert in economic development policy, has stated that the "feel-good factor" of a national sport team's success is enough to significantly boost productivity in the workplace. This also makes people more likely to spend money on luxuries like designer sportswear or replica shirts.
Speaking to Wales Online, he explained that the feel-good factor is directly linked to the success of the team in the tournament, meaning that bankers and business owners around the world should be watching the Rugby World Cup with more interest than anyone. He said: "Various studies that have been done in England show that the more success the team has, the higher the productivity of the economy.
"The feel-good factor comes in and you see massive increases in productivity - it was seen when England won the Rugby World Cup, there was a big spike in the FTSE 100. You could say it is like a 'your economy needs you' Lord Kitchener moment." Host country New Zealand looks set to be the biggest financial beneficiary of the tournament. According to stuff.co.nz, it has been estimated that visiting fans will add $700 million to the country's economy.