Will terrorism affect the western economies? This is a question in many people’s minds after the Paris terror attack. There is no doubt that terrorism has a significant effect on people lives. Terrorist groups such as ISIS are constantly targeting western countries. Their attacks will no doubt have an effect on western economies. That is one of the reasons why all western countries are working so hard to prevent terrorist attacks and to fight various terrorist groups. There are many ways through which terrorism will affect western economies.
How terrorism will affect the world
1. It affects tourism
When there is a terrorist attack in a country, many people who intend to visits it does not visit. Tourism is a major source of revenue for many western countries. When there are no tourists coming in, there will be no revenue from tourism. Wester countries that have experienced terrorist attacks witnessed a tremendous drop in revenues from tourism. Even the residents of a given country who want to be local tourists will prefer to stay in their homes after a terrorist attack. It always takes some time for the tourism sector of any country to recover after a terrorist attack.
2. It causes loss of life and property
Terrorists kill innocent people who play very important roles in building the economy. In the process, they also damage property. They destroy businesses that were thriving. This destroys the livelihoods of the people who were working in the places that experienced terrorist attacks. If western countries don’t fight terrorism, there is no doubt that many more people will lose their livelihoods and businesses. Terrorists gain pleasure by killing the innocent and destroying property. Terrorism has had a bad effect on many economies in the world. Western economies are not immune to effects of terrorism.
3. It destroys a conducive business environment
When there is a terrorist attack in a given place, it is impossible for businesses to run as usual. The terror attack in Paris led to the closure of many businesses for several days. There are many investors who are worried about investing in Paris because of the attacks. This is something that can be experienced by any city in the western countries after a terrorist attack. There is a huge loss when businesses close for days because of a terrorist attack. The economy will definitely be shaken up when several businesses go for days without opening their doors.