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M’sia pioneers Asean with Sports Satellite Account launch to boost economic impact | Scoop
Youth and Sports Minister Hannah Yeoh (centre) flipping through the 2022 Sports Satellite Account’s initial report at the launch of the Sports Satellite Account at Menara KBS today. Also there was the ministry’s secretary-general Nagulendran Kangayatkarasu (left) and Chief Statistician Datuk Seri Mohd Uzir Mahidin (right). – Bernama pic, May 31, 2024
Sports

M’sia pioneers Asean with Sports Satellite Account launch to boost economic impact

Hannah Yeoh aims to create detailed accounting system using 73 Malaysian Standard Industry Codes, providing comprehensive picture beyond macroeconomic indicators

Scoop Reporters
Updated
7:22 PM MYT

 

PUTRAJAYA – Malaysia is taking a step further to enhance the development and recognition of its sports industry, ensuring it plays a pivotal role in the country’s economic growth and development through the implementation of the Sports Satellite Account. 

The account, launched today by Youth and Sports Minister Hannah Yeoh, is an initiative by the ministry through the Sport Industry Secretariat in cooperation with the Statistics Department, making Malaysia the first Asean country to do so. 

The account aims to create a detailed accounting system using 73 Malaysian Standard Industry Codes to provide a comprehensive economic picture beyond macroeconomic indicators. 

“Among Southeast Asian countries, we are one of the first to venture into this, and we are very excited to see the potential created in the sports industry,” said Hannah during the launch, reported Bernama. 

“Without data, it’s hard to obtain adequate budgets as sports are viewed as merely recreational, but we are an industry.  

“With detailed data for sports training and coaches, we can see the industry workforce increasing.” 

The account will prepare statistics and data sets involving the sports industry in a comprehensive, complete and holistic manner, track contributions and returns of the sports industry – especially to the national economy and serve as a reference for policymakers, as well as provide verifiable information and data to stakeholders. 

Hannah also urged the sports industry to review the 2022 Sports Satellite Account’s initial report, available free of charge on the Statistics Department, Youth and Sports Ministry, and National Youth and Sports Department websites, to see the true value of the sports industry and its contribution to national economic development. 

She pointed out that the account would instil further confidence in the industry’s stakeholders. 

“But what’s most immediate is for me to obtain a bigger budget for the Youth and Sports Ministry, as I don’t want the ministry to be viewed as one that only conducts sports and youth activities. 

“I also don’t want us to be seen as a ministry that only spends money but can’t generate income for the government, this data I believe will be a game changer for the sports industry sector.” 

The 2022 initial report revealed that the gross added value for the sports industry grew by 12.1% in 2022 compared to 1.9% the previous year, totalling RM19.6 billion, or 1.34% of the gross domestic product in 2022. – May 31, 2024 

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