Definition, Meaning & Synonyms

economic impact

noun

/ɪˈkɒn.ə.mɪk ˈɪm.pækt/

Definition

The effect that an event, policy, or decision has on the economy of a specific area or on the economy as a whole.

Examples

The economic impact of the new law was felt immediately.
Assessing the economic impact of a natural disaster is crucial for recovery efforts.
Investments in infrastructure can have a long-term positive economic impact on a community.

Meaning

Economic impact refers to the changes in economic indicators such as income, employment, GDP, or overall economic growth that result from specific actions or events.