Economic impact assessment (EIA)

Economic Impact Assessment (EIA) is a process used to evaluate the potential effects of a project or development on a local or broader economy. It considers factors like job creation, income levels, and new business opportunities, helping decision-makers understand how the project could benefit or challenge the community’s economic health. Essentially, EIA forecasts the economic outcomes of a proposed activity, ensuring that benefits outweigh costs and informing responsible planning to promote sustainable growth.