Estudio de Impacto Económico. Caso: XXII Festival de Música del Pacífico Petronio Álvarez 2018

The festival generated substantial economic activity, with attendees from various sectors contributing to the local economy. The study on the economic impact of the festival was conducted by the Pontificia Universidad Javeriana Cali, in collaboration with the Organización Internacional para las Migraciones (OIM) and the Agencia de Estados Unidos para el Desarrollo Internacional (USAID). The research team employed a novel methodology, which involved the use of a Matriz Insumo-Producto (MIP) to estimate the economic impact of the festival. The study estimated that the festival generated a total expenditure of COP 1.4 billion (approximately USD 400,000) among attendees, with the majority of this expenditure coming from the sectors of food and beverages, transportation, and accommodations. The researchers also conducted a homologation of the festival's budget with the MIP, which allowed them to estimate the economic impact of the event. The results of the study revealed a significant economic impact of the festival, with an estimated GDP multiplier effect of 1.5. This means that for every COP 1 invested in the festival, the local economy experienced a return of COP 1.5. The study also estimated that the festival generated a total of 1,200 jobs, both directly and indirectly, in the Pacific region. In addition to the economic impact, the study also examined the potential "fugas" (leakages) of economic activity towards the Pacific region. The results showed that a significant portion of the festival's economic activity was retained within the region, with an estimated 70% of the total expenditure staying within the Pacific region. The study concluded that the XXII Festival de Música del Pacífico Petronio Álvarez 2018 was a successful event that generated significant economic activity and promoted cultural heritage in the Pacific region. The results of the study provide valuable insights for policymakers and event organizers, highlighting the potential for cultural events to contribute to local economic development.