CPL seen as major economic driver of region’s economies

– US$24.5M injected into Guyana’s economy from 2013 tourney

Amid a slowdown following the long election campaign season and its aftermath, the recently launched third edition of the Caribbean Premier League is seen as a the right fillip to help jumpstart the economy.

According to an independent Economic Impact study on the tournament last year, Guyana’s economy cashed in on some US$24.5 million from the overall US$166 million that was injected into the Region’s economy during the 2014 tournament – a significant increase of 58 per cent on 2013.

Only last week, business Executive and former President of the Georgetown Chamber of Commerce and Industry (GCCI) Clinton Urling, told Guyana Times International that he was searching for answers as to why the economy remains stagnant, even with the end to the election period.

Meanwhile, asked for a comment on the reported slowing down of the economy, Minister of Business, Dominic Gaskin said: “I don’t have the data to support the notion that the business is on a downhill” although saying that there is “some indication, however, that this is the case.”

Asked whether CPL is just the right fillip at this time to help jumpstart the economy, Gaskin said “generally, any major sporting event that excites Guyanese and brings people to Guyana has the potential to positively impact the economy… I do believe that the CPL games may increase the economic activities,” he offered.

According to the study conducted by SMG-Insight/YouGov, one of the world’s leading sports measurement, research and analysis companies, showed a breakout across each of the eight markets as follows: Antigua and Barbuda – US$13.8 million; Barbados – US$28.7 million; Grenada – US$13.3 million; Guyana – US$24.5 million; Jamaica – US$25.1 million; St Kitts and Nevis – US$26.3 million; St Lucia – US$13.9 million and Trinidad and Tobago – US$21.1 million. With an investment of over US$25 million to date, the CPL is the world’s second biggest T20 cricket tournament – behind the Indian Premier League – and is set to continue growing in 2015 and beyond. The study also revealed that last year host country for the finals, St Kitts and Nevis, reaped significant benefits with a whopping US$25.1 million invested in the local economy – second only to Barbados with US$28.7 million. Key findings in the report show: incremental spending by regional and international fans totalled US$47.4 million (excluding accommodation and airfares); an estimated 217,176 regional and international spectators watched CPL 2014 live; the international TV audience increased to 65 million in 2014 from 36 million in 2013, with 29 broadcasters from around the world airing the games live; over 21,500 international visitors (approximately 10 per cent of total spectators), attended CPL 2014, spending US$7.9 million; thousands of new jobs were created in tourism and travel across the Region by CPL and more than 156,000 jobs positively impacted and the tournament’s high profile international broadcast media campaign (which encouraged tourism in the Region) generated US$4.47 million in advertising value.

CPL’s CEO, Damien O’Donohoe had said that “These results are fantastic and are a testament to CPL’s significance as an economic driver in the Region. While we have always said that the Caribbean is without doubt the natural home of T20 cricket, we are very proud to say that CPL is now a truly international event – appealing to fans and players from around the world – and one that the people of the Caribbean should be very proud of.”