First CPL boosted regional GDP, says UWI study
PORT-OF-SPAIN, Trinidad, CMC-The inaugural Caribbean Premier league (CPL) has generated a combine figure of US 105.6 Million dollars across the region, a study by the University of the West Indies has found.
The study by the Mona School of Business and Management (MSBM), UWI, says the competition boosted Gross Domestic Product (GDP) in some countries by as much as 0.7 percent.
The CPL was launched last year to huge crowds, with over 250,000 spectators attending matches across Antigua, Barbados, Guyana, Jamaica, Trinidad and St Lucia.
“With the region still feeling the effects of the global financial crisis, CPL has been a real shot in the arm for the Caribbean,” said Professor Densil Williams, UWI.
“The tournament could trigger an even bigger revival, because as it grows and the brand becomes more recognised, we anticipate that the impact on the economies will be much greater.”
A release from the Caribbean Premier League (CPL) said the report established that last year’s tournament had wide-reaching benefits in the six host countries across several different sectors ranging from transport and communication, to government services, hotels and restaurants including health care and financial service sector. The estimated total economic impact of CPL 2013 for each host country is -Antigua, US$7.35m; Barbados, US $9.1m; Guyana, US$4m ; Jamaica, US$10. 65m; Trinidad, US$12.85m, St Lucia US$7.3m.
“These findings back up what people have been telling us for months, that the CPL has been brilliant for the region,” said Damien O’Donohoe, CEO of the League.
“This year we’re committed to building on our initial success, with more sold-out crowds, fantastic entertainment and a high standard of cricket.”
This year, the Limacol CPL returns in July and August where Jamaica Tallawahs will defend their title against the St. Lucia Zouks, Trinidad and Tobago Red Steel, Antigua Hawksbills, Guyana Amazon Warriors and Barbados Tridents.