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Impact of terrorism on World Economy (Tourism perspective):

The cost of terrorism to the world was $52.9 billion in 2014, the highest since 2001, according to the new 2015
global terrorism index.
This chart is taken from vision of humanitys index and is based on IEP calculations these assess the direct
(and some of the indirect) costs of terrorism, and is conservative in its approach. The chart shows the global
economic costs of terrorism from 2000 to 2015, in billions of US dollars.

As highlighted in the chart, the cost of terrorism reached its highest point in 2014, surpassing the economic
impact felt in 2001. This represents a tenfold increase on the figure in 2000, and a rise of $20 billion on the
previous year. However, as a point of comparison, the losses from violent crime and homicide in 2014 reached
$1.7 trillion.
The following chart shows the impact on the economy of one country Iraq by estimating the cost of terrorism
to the countrys GDP.
Since 2005, it is estimated that terrorism has cost Iraq $159 billion in purchasing power parity. This represented
32% of the countrys GDP in 2014.
In Nigeria, it is estimated that terrorism caused foreign direct investment flows to drop $6.1 billion in 2010 a
decline of nearly 30% on the previous year. Equally, around the world, the report highlights that the 10 countries
are mostly affected by terrorism saw decreased GDP growth rates of between 0.51 and 0.8%.

However, as the report emphasizes, a number of factors influence the cost of terrorism to a countrys economy
the diverse nature of terrorism, the economic resilience of an economy and security levels all play a role so the

economic impact of terrorism is varied.


No matter where a major terrorist attack occurs in the world, the feelings it elicits when one hears of it are
universal - revulsion, shock, dread, and uncertainty. Uncertainty reigns supreme in the immediate aftermath of a
terrorist attack, with regard to such things as who were the perpetrators, how did they go about planning a major
attack undetected, and finally, was the terror act an isolated instance or the first of a series.
The terrorist attacks in Brussels on March 22, 2016, are the latest in a string of horrific assaults that seem to be
occurring with greater frequency. A few months earlier, multiple attacks in Paris on November 13, 2015 had
claimed 130 lives, making it the worst terrorist act in Europe in a decade. In the Brussels attacks, three bomb
blasts - likely involving suicide bombers - at the airport and a subway station killed at least 31 people. The terror
group ISIS or Islamic State, which had claimed responsibility for the carnage in Paris, has done so for the
Brussels attacks as well.

In between these two strikes, there have been other terrorist atrocities in places as disparate as San
Bernardino in the U.S., and Ankara and Istanbul in Turkey. This pattern of coordinated attacks on
vulnerable public places seems to be the new template for terrorist activity. This is an extremely
disturbing trend, as counter-terrorism experts acknowledge that it is next to impossible to provide
security for every conceivable location where large numbers of people are present - transportation hubs
like metro stations, stadiums, trains, hotels etc.
Not surprisingly, surveys in recent months show that fears of terrorist attacks in the United States are at
the highest levels since 9/11. A New York Times / CBS News poll of 1,275 Americans in December
2015 revealed that 79 per cent of respondents believed a terrorist attack was somewhat likely or very
likely in the next few months, with 7 out of 10 Americans identifying ISIS as a major threat to domestic
security.