John Allison discusses economic impact of Sept 11
CGTN America・7 minutes read
Terrorism has decreased productivity, increased security costs, and slowed cross-border movement, leading to governments gaining more power for security measures, with financial impacts being severe but short-lived in the West and the US, while countries like Nigeria, Kenya, and Sudan suffer lasting economic harm affecting GDP and foreign investment, with global spending on security reaching $100 to $200 billion.
Insights
- Increased security costs and border restrictions due to terrorism have decreased productivity, affecting the movement of goods and people globally.
- While Western countries like the US exhibit resilience to terrorist attacks with quick recovery from financial impacts, nations like Nigeria, Kenya, and Sudan face prolonged economic damage, impacting GDP and foreign investments significantly.
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Recent questions
How has terrorism affected global productivity?
Decreased due to security costs and slower movement.
What is the role of governments in response to terrorism?
Governments have gained power for security measures.
How do terrorist attacks impact countries economically?
Immediate financial impacts are severe but tend to pass.
What is the estimated global spending on terrorist-related security?
$100 to $200 billion, impacting multinational corporations.
Which countries face long-lasting economic harm from terrorist attacks?
Nigeria, Kenya, and Sudan, affecting GDP and investment.
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Summary
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Terrorism's Economic Impact and Government Response
- Terrorism has led to lower productivity due to increased security costs and slower movement of goods and people across borders.
- Governments have gained more power in response to terrorism, as they are relied upon for security measures.
- Immediate financial impacts of terrorist attacks are severe but tend to pass relatively quickly, with resilience shown in the West and the US.
- Countries like Nigeria, Kenya, and Sudan face long-lasting economic harm from continuous terrorist attacks, affecting GDP and foreign investment.
- Global spending on terrorist-related security is estimated at $100 to $200 billion, impacting multinational corporations and defense departments.
