Switzerland economy a big winner when it comes to the business of sport

The IOC and other international sports organizations add billions to Switzerland’s national economy

The Olympic rings are pictured in front of the International Olympic Committee (IOC) headquarters in Lausanne, Switzerland, December 7, 2021. REUTERS/Denis?Balibouse
The Olympic rings are pictured in front of the International Olympic Committee (IOC) headquarters in Lausanne, Switzerland, December 7, 2021. REUTERS/Denis?Balibouse

A new report published by the International Academy for Sports Science and Technology (AISTS) articulates the positive effect the International Olympic Committee (IOC) has had on the Swiss economy.

As the leader of the Olympic movement, the IOC redistributes 90 percent of its revenues to support the development of athletes and sports organizations, many of which are located in Lausanne.

“We are delighted to be able to give back to the city, region and country that host the IOC and so many international sports organizations, and with which we enjoy a special relationship, by generating an economic impact that goes well beyond the sporting sector…..This study shows that our contribution goes even further,” stated IOC president Thomas Bach.

The current study looked at the period of time between 2014 and 2019. Fifty-three international sports organizations located in Switzerland employ around 3,400 people, up from 2,249. The IOC along with other international sports organizations contributed $1.68 billion to the Swiss economy over the five year period.

Olympic House
Olympic House

One the IOC’s seminal projects was the construction of Olympic House, the new headquarters for the IOC, and is hailed as one of the most sustainable buildings of the world. The data shows over six years, the overall economic impact on the construction sector of spending by the international sports organizations amounted to around $534 million.

Commenting further on the findings Bach said, “The IOC is proud to have contributed to the significant 57 per cent growth in economic impact generated for Switzerland since the last study period. The contribution has resulted, among other things, from employment opportunities and, of course, from the construction of Olympic House, the permanent home of the Olympic Movement.”

“Eighty per cent of construction costs were spent with local contractors. As one of the most sustainable buildings in the world, it represents an important long-term investment in the future of the Olympic Movement.”

A future the Swiss economy hopes to continue in conjunction with the direct, indirect and induced economic benefits of the Olympic Movement and the international business of sport.