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9/11 terror attck;impact in world economy
- 2. SUBMITTED BY : Toymur Islam Tonmoy ID: 191-187-101 DEPERTMENT: AMT SECTION: 04 GROUP-D
- 3. Lecturer MS. Maimana Rezwana Department of English
- 4. VIDEO GAMES: IMPACT ON CHILDREN9/11 terror attack;impact in world economy
- 5. The Events of 9/11
- 6. Confusion/Disagreement on TotalEconomic Impact AB95-5.PPT //## 3 • NY City Economic Impact – – – – “Total Loss $83 billion” (NYC partnership & Chamber of Commerce: Nov 2001) “Total Cost $54 billion” (NY Governor: Oct 2001) “WTC Replacement Cost & Cleanup $25~29 billion” (FEB NY: April 2002) “Total Cost $83 billion (quoting NYCP-COC) but $67 billion covered by Insurance (US GAO: May 2002) • NY City Jobs Lost – 108,500, 115,300, 105,200, 125,000, 84,000, 78,200, 129,000…. – – • NY State Jobs Lost – “99,000 in 2001, 78,000 in 2002, 77,000 in 2003” (NYS Senate Finance Committee: DRI-WEFA: January 2002) “Resulted at peak loss of 78,200” (DRI-WEFA: March 2002) “50,000 immediately, 70,000 in 4th Quarter” “Much of this loss is likely linked to WTC attack” (FEB NY: April 2002)
- 7. Immediateand Short-Term Economic Impacts AB95-5.PPT //## Financial Sector 40%of WTC casualties NYSE, NYME closed AviationSector planesgroundedforaweekor more 20%dropin passengers 100,000jobslost;severalairlines wentbankrupt Insurance Sector lossof lifeandpropertyestimatedat$40-$50billion
- 8. Immediate and Short-Term Economic Impacts AB95-5.PPT //## • Otherindustrieswerealsobadlyaffected,suchashotels, tourism, automobilerentals,travelagents,andcivilianaircraft manufactures. • Hotelsreportedhighervacancyratesandemploymentinthe sector asawholefellby58,000 (about3%) inOctoberand November, 2001 • Nearly18,000 businessesweredislocated, disrupted or destroyed bythe attacks • Also, over300firefightersandnearly100policemanwere killed whiletryingtoevacuatetheWorld TradeCenterbeforeit collapsed
- 9. Longer-Term Economic Impacts AB95-5.PPT //## • NewYorkCitylostasignificantamountof itsofficespaceanda numberof businesses ceasedtoexist. • Closeto200,000jobsweredestroyedorrelocatedtoother cities • 34.5 millionsquare feetof office space lost
- 10. Longer-Term Economic Impacts AB95-5.PPT //## • FederalReservecutinterestratesaggressively • Specialfinancingincentivesofferedbytheautomobile companiesledtorecord motorvehiclesalesforOctober2001 • Securitiesmarketwasonlyclosedforfourdays,openingagain afterthetelecommunicationsnetworkinlowerManhattan becameoperational. • Stockmarketre-openedonSeptember17th;within19trading days,theS&P500 indexhadbouncedbacktoitspre- September11th level
- 11. Longer-TermEconomicImpacts AB95-5.PPT //## • City-wideimpact;airports and midtownhotelsnotjust southof Canal Street • Low-incomeworkersborethebrunt(60%) • Peopleof colorandimmigrants(56%) hardhit • Chinatown,“economicgroundzero”,andotherpoorcommunitiesheavily affected • Insurancecostshaverisenonaverage33%since2001 • Diversionof resourcesandcapacitytowardsecurity-relatedproductsand services • Short-termdirectimpactswerenotassignificantasthefinancialcostsof the long-termresponsethatis still underway
- 13. ANY QUESTION ??