Posted April. 04, 2009 09:03,
The economic ripple effect of the national baseball squads performance at the World Baseball Classic and Kim Yu-nas victory at the World Figure Skating Championships is estimated at more than one trillion won (746 million U.S. dollars).
The sports business unit of the Seoul Olympic Sports Promotion Foundation asked Dr. Park Yeong-ok of the Korea Institute of Sports Science and professor Kim Do-gyun of Kyung Hee University to calculate the economic benefits of the two events.
They said Korea`s runner-up finish in the baseball tournament was worth 839.5 billion won (626 million dollars) and Kims gold medal 228 billion won (170 million dollars) for a combined effect of 1.07 trillion won (796 million dollars).
The baseball performance was worth 406.35 million dollars since it helped the nation improve its national image for five years. Under the assumption that an improvement in national image affects exports for five years, the researchers multiplied Korean export volume to other participating nations at the tournament for last year (83.7 billion dollars) by 0.0011, a figure which measures the effect of improved national image via the 2002 Korea-Japan World Cup on exports.
The direct effect including increased sales in the baseball industry was worth 89.5 billion won (66 million dollars) and indirect effects including increased foreign investment 80 billion won (60 million dollars).
The direct effect of Kims wins and skating rink sales is 118 billion won (88 million dollars). If the advertising effect on her corporate sponsors is considered, the value of her victories rises to 228 billion won (170 million dollars).
Professor Kim said, The Korean squads good performance at the WBC will contribute to boosting sales of Koreas baseball industry and Kim Yu-nas victory will be a big help to her sponsors.