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Word Count: 1,004
The events of September eleventh not only shocked the world and rocked the foundation of the richest country in the world it also had a severe economic effect on the United States as well as the majority of the world Many industries experienced both short term and long term economic impacts Some more than others as we shall discus throughout the context of this report Although a monetary value can not be placed on the thousands and thousands of Americans who lost their lives in the worst domestic attack ever experienced by the United States the damage to the assets where rather small in comparison to the overall wealth of the nation The short - term impact on American businesses was relatively small in comparison to the overall long - term economic impact The immediate effects will mainly hurt businesses such as the air travel shipping and other related businesses due to the shutting down of the airports The economic cost to these industries ran into the billions of dollars Taking into consideration the enormous loss of potential assets revenues and cleaning cost the United States suffered a short - term loss in excess of 100 billion dollars However in a 9 trillion dollar economy the loss will calculate out to around 111 percent of the real Gross Domestic Product Economic forecasters are expecting to see a full economic recovery by the third quarter of 2002 although they cant guarantee a full recovery by then they remain optimistic According to a report done by the Economist The International Air Transport Association expected 266 of its of its major carriers worldwide to suffer an immediate revenue loss of close to ten billion dollars The United States alone is expected to have a loss of over four billion dollars in 2001 The devastation to the airline industry also affects a number of other types of businesses and industries For example the hotel rental car and convention
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