THE IMPACT OF TERRORIST ATTACKS UPON THE GLOBAL ECONOMY
Journal Title: Impact Strategic - Year 2008, Vol 26, Issue 1
Abstract
9/11 attacks (USA, 2001), the London bombings (UK, 2005), the Sharm el-Sheikh bombings (Egypt, 2005), the bombing of commuter trains in Madrid (Spain, 2004) are probably the best well known terrorist attacks in recent history. Along with innocent deaths, new terrorism acts and global terror, they have brought severe impact upon the global economy. As a direct result of the 9/11 attacks, private insurance payments are expected to be the largest for any single-event loss in US History and far in excess of the losses for any terrorist-related act in the world. The economic impact resulting from a downturn in travel and tourism was enormous, estimated at between $7-13 billion in lost revenue and 25,000 lost jobs by 2003. The stock market closed for 6 days after 9/11 and DJIA (Dow Jones Industrial Average) fell 684 points (7.1%) on that particular day, falling 1369.7 points (14.3%) by the end of the week, the largest point drop in the history. The article analyses two catastrophic events and their effect upon the global economy, while discussing the measures which should be taken to prevent the economic effects of such attacks, as well as the measures need to be taken to counteract the terrorist attacks themselves.
Authors and Affiliations
Codrin Horaţiu MIRON, Lucian CERNUŞCA
Keywords
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