Terrorism has and is still affecting Global economies. In this essay, I was researching on how terrorism has affected the global economies and the steps being taken to put the inhuman act to a halt. I was interested in knowing the appropriate measures that should or are being put on action by everyone because the act is pushing nations backwards instead of developing. I am hoping the reader will agree with me and shall play part in ensuring that terrorism is done away with. After completing this assignment, I learned that nations, continent and the whole world at large are striving hard and taking appropriate measures in seeing that terrorism becomes past tense.
The research and the whole experience were very emotional and worrying. It made me hate the damn inhuman terrorists and the act. I hate the scenario of innocent people dying; the feeling terrorism brings to (people) families, nations and the whole world. The understanding I experienced from the topic disclosed me to many things, some of which I wasn’t aware of and that did not change my perspective. It really increased the hate and dislike that i have against terrorism. During the study, I did not encounter any difficulties in writing or editing phases of the assignment.
From the research, I enjoyed the part where nations successfully managed to stop and arrest terrorists using the appropriate measures. I also enjoyed the charges some of the terrorist are imposed to and how they are treated. I decided to write about this topic because it concerns me in particular. I am one of the victims of the 911(September, 2001) in the United States of America. I lost three relatives and two were disabled. It also marked the end of my two businesses which really affected my financial wellbeing. Before reading my essay, I would like to let you know that during my research, I realized that the most terror associated group in the whole world is the Islamic Faith.
Terrorism and the global economies
Terrorism involves intentional using or threatening to use violence against civilians or against the civilian’s target with an intention of attaining political aims. Global economy is the economy of the whole world. It is comprised of different economies of single nations with interrelation of the economies in one way or the other. Globalization is the instrumental tool to global economy because it facilitates the interrelationships among countries. Trade between different countries has led to the interdependence between them; therefore a crisis affecting one country affects the other countries due to the interconnections between or among them. Terrorism has impacted the global economy negatively (Jackson, 2).
For about thirty five (35) years that have passed, the witnessed incidents of terrorist have accumulated to twenty thousands. (20,000). These incidents have seen more than ninety thousands (90,000) people die, starting with the hostage takeover during the Munich Olympics thirty four (34) years ago and the 2002 and 2005 tourist bombings in Bali. This essay shows how terrorism has impacted the global economy negatively. The researches which have been done indicate that terrorism is instrumental to causing adverse effect to economic activities (Young, 12).
Terrorism and the global economies
Other than the casualties and physical destruction which impact as a result of their attacks, terrorists inflict a grave harm to the modern economies of nations globally. There are many ways in which terrorists harm economies. Some of them include; it reduces consumers; and firms’ expectations for the future, it forces private sector and governments to spend huge amounts to security measures hence reduces efficiency in vulnerable industries. This in turn redirects the investment away from more productive economic uses. Terrorism has also made consumers, businesses and investors avoid areas which are perceived with the risk. The triggering of wider geopolitical conflict by terrorist may cause further economic disruptions (Setty, 25).
In reference to the data from the 2005MIPT Terrorism knowledge Database which is based in more than 20,000 incidents of terrorism, it is clear that: the greater the number of terrorist incidents per million populations; the lower the Gross Domestic Product (GDP) per Capital Growth and the lower the capital formation. The higher the number of terrorist incidents per $U.S. billion GDP, the lower the real GDP per capita growth, the lower the capital real GDP per capita growth and also, the lower the capital formation as a percentage of GDP. The higher the fatalities and injuries per $U.S. billion Gross Domestic Product, the lower the capital formation as a percentage of GDP (Phillips 182).
The September 11 attacks in the United States of America had a significant macroeconomic impact and it seriously altered the outlook for a number of industries. With the US being the world’s largest importer, the world economy lost growth. The US fiscal situation worsened as a result of the attack (Lutz, James and Brenda 1525). It spent a lot on security after the incident. There are more other negative economic consequences that impacted the States. Some of them include; the demise of city centers (were business locations), the US had to move away from globalized supply chain because of the increase of security and screening costs, and lastly, a crash in global air travel and tourism.
In combating with terror, terrorists and terrorism, different unions with common interests have been formed worldwide. On September, 2006, The United Nations Global Counter-Terrorism Strategy was adopted by Member States. This was the first time all the member states agreed to a common strategy approach to fight terrorism. Not only sending clear messages that terrorism is an unacceptable in all its forms and manifestation the member states took practical steps individually and collectively to stop and combat it. They developed measures which include; measures to address the instrumental tools which make the spread of terrorism effectively, measures to stop and combat terrorism, measures to arm states to be in a position to prevent and combat terrorism and measures to ensure that human rights for all are respected (Setty, 15).
For the global economy to grow, all barriers that inhibit its growth should be addressed. Terrorism is the worst among the inhibitors of economic growth. Nations are spending lots of money buying effective military tools against terrorism. Catering for special operations forces, better human intelligence, unmanned aerial vehicles and many others is very expensive. All these pull economies back. In combating with the negative effects that terrorism can cause, implementing measures against this inhuman act can do well. The measures, for instance those developed by the United Nations Global Counter terrorism Strategy can really do better if implemented. The union counters terrorism from all corners ensuring that it has put barriers that won’t entertain terrorism at all. Some nations have imposed new laws which are against cases of terror, terrorists and terrorism. Without terrorism, the global economy will grow tremendously.