Cost of terrorism –
Effect of the September 11 attacks on tourism industry:
1The total economic impact of 9/11 is realistically immeasurable; however the world travel and tourism council has estimated the decrease of the travel and tourism demand world wide to be 10%.
2Job loss of 8.8 million people globally including airlines, hotels, tour operators, car rental and credit card companies, creating a 1.7% decrease of total GDP for the world economy.
Terrorism is an inhuman act which is against the law of any land or government of states. The world had witnessed acts of terrorism in the US, UK and more recently in India which have constituted as major events. The World Trade Centre and London bombings have been significant events in the history of mankind but to boost the acts further, the Mumbai terrorist attack was a unique one since it was a direct urban attack and not just bombs planted aimed at causing mayhem in a small amount of time.
The impact of terrorism on the world economy in the era of interdependence is deeply felt in the processes of globalization and liberalization polices. The 9/11 terrorist attacks was an awakening call to the civilized world and now it is essential to understand terrorism from macro point of view.
India has gone through the dark phases of terrorism; in Punjab, Assam, Tamil Nadu, Jammu
Kashmir and Mumbai. The following event gives a new dimension to the whole scenario:
0Attack on the Indian Parliament-December 13, 2001.
1Attack on the J & K Assembly.
3Mumbai blasts- August 25, 2003.
4Serial Train Blast- July 11, 2006.
5Attack on Taj & Oberoi Hotel in Mumbai- November 26, 2008.
These are recent events, which have shaken the core of the nation. The terrorist agencies have started focusing government buildings and economic centers. Any country can be brought to its knees by targeting the economic heart of the country as witnessed by the WTC attack and Mumbai blasts.... [continues]
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