Study how F1 brought in RM950mil, say experts
An economist and a tourism industry expert say it is only worth hosting the race regularly if more of the earnings comes from spending by foreign visitors.
Economist Yeah Kim Leng and tourism management expert Hafiz Hanafiah argue that foreign visitors' spending is crucial for Malaysia to reap significant economic benefits from hosting Formula 1 events. The recent Bahrain Grand Prix in Sepang reportedly generated RM950 million in economic activity, but analysts stress the need for a thorough study to ascertain how much of that was contributed by international tourists.
Hafiz Hanafiah, a Mara tourism lecturer, likens Malaysia's economy to a bathtub and asserts that foreign money is necessary to raise the water level. With 261,000 spectators and over 50,000 foreign visitors, the event attracted significant attention. However, Malaysia must decide if hosting F1 races annually or infrequently is more economical.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Study how F1 brought in RM950mil, say experts freemalaysiatoday.com
