Bullfightng isn't the most pleasant thing to watch if you don't like to see an animal taunted and then slaughtered. However, in certain places -- such as Tijuana, Mexico -- bullfighting is an important part of the economy. It generates income for the producers of such spectacles, as well as those vendors who provide the refreshments. In some cases, it also draws tourism, such as in Spain.
Bullfighting happens in Spain, France, Portugal and in some parts of Latin America. In some places, it is associated with festivals and the like that are tourist attractions. Anything that brings significant money to an area is certainly having an impact on its economy. This is indisputable. However, that does not mean that bullfighting is necessarily a good thing. I do not mean to conflate these things or suggest that they are equally awful, but slavery was once very important to many economies. Despite that fact, it was morally repellent. Importance to an economy and morally correct are not the same thing.