Economic impact of WTC attacks Essay

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Economic impact of WTC attacks Terrorism is an increasing global threat that was illustrated by the recent attacks on the World Trade Center buildings in New York. It was a highly organized attack and investigations have shown that besides the United States, planning also took place in different countries of Europe and Asia. These attacks are set to affect far more people than the American government it was intended to harm. Over five thousand people are believed to have died as a direct result of the attacks and many more deaths are expected due to the various consequences of this tragedy. In this essay I shall attempt to cover the far-reaching consequences of this terrorist attack, focusing mainly on the cultural, social and economic …show more content…
The global airline industry has been hardest hit by the terrorist attacks, international carriers estimate a loss of $7.5 billion while U.S. airlines estimate another $5 billion . The decrease in international flight traffic coupled with increased insurance and security costs are set to make losses come close if not exceed these figures. With the U.S. retaliatory strikes on Afghanistan anti-American sentiment has risen in many Muslim countries leading various Western governments to issue warnings to its citizens in the Middle East and South East Asia. The drop in tourism has also been significant, especially in Europe where Americans make up a third of all tourists. With France and Spain being the top two tourist destinations in the world (1 and 2 respectively), tourism in some areas of Europe had dropped by over 30 percent.

The World Bank released a report following the attacks estimating as many as 10 million people could fall below the poverty line next year. The report stated that the September 11 attacks could lead to a lower economic growth in developing countries that would make fighting childhood diseases and malnutrition difficult and may result in the deaths of up to 40,000 children. This brings me to my next topic the Social and Cultural impacts of the attacks.

One of the most tragic consequences of the terrorist attacks has to be the racist sentiment now felt by a lot of Americans towards
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