Organization of major sporting events in the country requires enormous expenses for building and modernization of sports and urban infrastructure. Holding such international competitions has impact on GRP and GDP of countries, and, consequently, on the development of the economic sphere of society and social subsystem. The problem of studying the dependence of regional economy is relevant for many decades. That fact has determined the choice of the subjects of this study. The article examines statistical information on the changes in GDP of countries and GRP of Russian regions. On its basis the authors made correlation between changes in GDP (GRP) and the international sporting event in the country (region). The authors designed and assessed the adequacy of the Cobb-Douglas production function, including such factors as capital (financing physical education and sports) and labor (human resources in the sports industry). The paper also shows the results of a survey of Russians on the positive and negative consequences of such events.
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