How the September 11th Attacks Impacted Politics and Business

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The September 11th attacks on the world trade organisation left the world in shock, changing the lives many individuals, organisations, countries and economies. It has affected the world of business and politics in many ways and these effects are still continuing to occur. Following the attack, it was difficult for New York to derive the specific economic costs, hence making it harder for the American government to introduce plans aiming to resolve the situation. However after examining and quantifying the impact of the attack a leading team of New York economists and consultants have detailed the effects. The economic impact is likely to total to $83 billion in damage to New York’s…show more content…
Year 2002 GDP Economic growth % Growth World 1.82 Developed world 1.01 Transition world 4.19 Developing world 3.67 Specific industries were hit by the 9/11 events, in particular the airline industry. It can be said that no other industry was as immediately affected by the events of 9/11 as the airline industry. Demand for flights and holidays fell dramatically due to the fear of flying at such a fragile time, this hit the industry hard, causing sales to fall dramatically. As a result, a vast amount of jobs were lost at the worlds largest airline companies and only a government bail out prevented others from falling into bankruptcy. These include Sabena (Belgium), Swissair, Ansett Australia, and Vanguard Airlines (United States). The situation is however slowly improving, although stably not spectacularly. Much of the trust in the safety of air travel seems to have been regained a year after and some of the jobs have also been regained. However since the war on Iraq begun, consumers are again wary of air travel due to the risk of another attack. Tourism was another industry hit hard. Some claim it was partly due to the slump in demand for air travel, which is the most common form of transport from one country to another. Overseas visits to the United Kingdom for example fell by 9% for 2001. Tourism is a

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