What is the Projected Economic impact of the World Trade Cen
The shock to financial markets from the devastating plane attacks in the United States could have huge repercussions for an already-fragile world economy. Stock markets around the world plunged and oil prices soared after two planes crashed into the World Trade Centre in New York and another plane slammed into the Pentagon in Washington DC. Nervous investors fled to the safe haven of government bonds as the uncertainty from the wave of what seemed like terrorist attacks spread around the world. Not only the US economy, but also world economy cannot remain untouched from the drastic aftermaths of the attacks on WTC. Insurance, airline operators, travel agents, and hotel groups have especially suffered by the economic turmoil stemming from 11 September's attacks, and have joined the ranks of technology, media and telecom firms in investors' bad books. Overall, the impact was dra
Indirect effects The IMF indicated that the immediate effects of the terrorist attacks are small compared to the size of the world economy. IMF world economic forecast:Region 2000 2001World 4. Further measures to restore confidence may be necessary, especially since financial markets are remaining volatile. The IMF said that further cuts in interest rates, especially in Japan, might be necessary to stabilize the world economy. " However, it suggests, "It is too early to quantify the long-term impact of the terrorist attacks, because of the uncertainty of the military situation. Barclays' Stockbrokers have forecasted that oil firms BP and Shell will benefit from the rise. The IMF, which oversees the world economy, was already projecting a slowdown this year, from a worldwide growth rate of 4. 73 billion euros), the Centre for economics and business research said in a report. Any tension in the Middle East will definitely push up the price of oil.
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