ST JOHN’S, Antigua (CMC) — Cricket West Indies (CWI) president Kishore Shallow said the 2024 T20 World Cup, which was co-hosted by the West Indies, brought “unparalleled success” to the region in generating US$1.66 billion.

The tournament, which was also co-hosted by the USA from June 1 to 29, was the ninth edition and saw 20 teams compete in 55 matches across six venues in the Caribbean and the USA.

It was the second time the West Indies hosted the prestigious competition, having previously done so in 2010.

An independent Economic Impact Assessment conducted by the ICC and Nielson Sports says almost every sector benefited from the financial impact.

Barbados, which hosted group matches, as well as fixtures in the Super 8 and the final, led the way by generating US$426.4 million, followed by St Vincent and the Grenadines (US$224.8 million), Saint Lucia (US$132.5 million), Antigua & Barbuda (US$114 million), Guyana (US$76.7 million) and Trinidad and Tobago (US$68.9 million).

In his address, Shallow said the statistics showed the importance of sports to the region and the need for proper infrastructure and world class facilities.

“No doubt this tournament was more than just a sporting event.

“It was a transformative moment for our region, solidifying the Caribbean’s position not only as the heartbeat of the world of cricket, but also as a hub for economic growth, tourism and global investment,” Shallow, who was recently elected unopposed for his second-consecutive term, said.

“The independent Economic Impact Assessment conducted by the ICC and Nielson Sports paints a compelling picture. This World Cup injected an astonishing US$1.66 billion into the economies of the host nations, directly benefiting businesses, workers and communities across the Caribbean.

“In an era where economic resilience is more critical than ever, this event served as a beacon of possibility, showcasing the power of sports, the power of cricket, to drive tangible, lasting economic progress.”

Shallow said US$174.3 million was generated through accommodation; US$116.1 million was generated by food and beverage sales; retail and tourism generated US$133.7 million and transportation and flights generated US$124.5 million.

Additionally, the multiplier effect was estimated at US$537.4 million generated in secondary spending while future tourism impact was projected at US$36.6 million

Shallow said the time had come for countries in the region to look for alternative ways of attracting revenue and investments.

“For far too long our economies have been over reliant on traditional industries and we have to seek avenues for diversification.

“This World Cup brought direct economic relief to thousands of people, with jobs created across multiple industries…” Shallow said. “This tournament has provided a blueprint for how sports can be leveraged as a strategic economic tool.”