Economic Impact

Economic Impact refers to the effect that an event, activity, or policy has on the economy of a region, sector, or country. This impact can be measured in various ways, including changes in employment levels, income generation, business growth, and overall economic output. Economic impacts can be both direct and indirect; direct impacts are immediate effects that occur as a direct result of an activity (e.g., a new factory creating jobs), while indirect impacts are the subsequent effects on other sectors or the economy as a whole (e.g., increased demand for local services due to more employed individuals). Economic impact assessments are often conducted to evaluate the benefits or costs associated with specific projects, investments, or initiatives, and they provide valuable insights for decision-making in public and private sectors.