How the September 11th Attacks Impacted Politics and Business Essay

How the September 11th Attacks Impacted Politics and Business Essay

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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 economy, even after the payment of insurance
claims, cleanup operations and repair costs of infrastructure the
total damage to the economy is expected to be at least $16 billion.
The net loss of jobs lost due to the attack will be approximately
60,000 at the end of 2003; this is not considering those jobs that
will return. The financial services, retail and tourism sectors
suffered the greatest, with small businesses in all sectors being hit
the hardest. In terms of a global impact, 9/11 further weakened a
world economy that was already suffering from a downturn. In
particular the United States, Japan and European economies were said
to be either in or approaching a recession. The recovery of the
developed world was expected to occur during year 2002 however this
now looks likely to be delayed until 2003. On the other hand,
developing countries and those undergoing transition towards a free
market economy experienced more rapid growth th...


... middle of paper ...


...wn in terms of growth before September 11th, so
these events cannot be solely blamed for this downturn in the
economy. Share prices have also dropped considerably. Politicians
were very quick to claim the world had changed and would never be the
same after the attacks which is true to some extent however some
countries tried to hide their major problems (middle eastern countries
in particular) behind those of America’s which took centre stage in
the world.

Bibliography

http://www.aa-intl.aviagen.com/include.asp?sec=471&con=673

http://airtravel.miningco.com/cs/remembering911/

http://www.adrc.or.jp/wtc/WTC_eng.htm

http://www.bbc.co.uk/news

http://www.newsday.com/business/ny-biz-partnershipstudy1115.htmlstory?coll=ny-business-utility

http://www.townhall.com/columnists/tonyblankley/tb20030514.shtml

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