The economic impact of an event refers to the amount of money injected into a specific region as a result of the staging of the event. Economic Impact studies attempt to determine the effect of the event in the host’s economy – or, in other words, the cash flows and outflows within an area of a specific geographic region to determine the net result.
What are the implications for the world of this incident??
Global events are defined by the OECD define international incidents as events with short duration, are global in scope and require substantial public investment and create an impact on the human population and the built environment.
What is the purpose of measuring the Economic Impacts?
Direct Economic Impact Direct Economic Impact is a measurement of the total expenditure in a specified geographic area that can be directly attributable to the organization of an event. Based on visitor and event organiser expenditure, Direct Economic Impact evaluates the increase in spending due to the event.
Many event organizers want to document their Total Economic Impact. This is a step to adjust what is known as the Direct Economic Impact to capture secondary impacts of increased spending in the economy of the host. However, a precise estimation of Total Economic Impact requires previous studies to analyze the detailed interaction and interactions within the host economy.
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