the threat of terrorism has never loomed so large over europe before, and the ripples of this conflict will ultimately impact europe’s economy.the psychological effects of the terror attacks on the people in france and around the world are beyond measure. according to the tourism promotion council in france, tourism is a strategic sector of the french economy, “accounting for over 2 million jobs and 7% of gdp. the attacks are likely to curb consumers from frequenting large, public spaces in the city such as shops, cafés and restaurants—resulting in a decline in spending.
the incident will most likely result in people postponing the purchase of commodities we buy in happy times such as big screen tvs and cars. according to the world bank, in 2014, household final consumer expenditure represented 55.5% of france’s gdp. with the recent attack on paris, the countries might consider reestablishing border control.the schengen agreement has helped boost the economic prosperity and integration of the region.
it could also result in overall decline in the business appeal of the region, which is already struggling with weak manufacturing activity and growth numbers. however, re-erecting them would result in burdening the countries with additional costs of maintaining patrolling parties, surveillance systems and check posts. the overall impact of the attacks was ultimately accentuated as it coincided with the global financial crisis of 2008-09.9/11 remains one of the most major terror attacks on the western world in modern times.
the paris attacks were a human tragedy, with a wide impact on europe’s by andrew walker bbc world service economics correspondent. on most days, some 20 people from around the world look at thierry dufort’s airbnb posting for his guest room in his swanky flat a block away the paris attacks and the economic impact of terrorism. share sites and cruise line operators were reeling across global markets monday. long term effects of the paris attacks, how did the paris attacks affect the us, aftermath of the paris attacks, paris attacks the global consequences, consequences of paris attack, how did the paris attack affect the world, how the paris terror attacks affect daily life, paris attacks impact on tourism
however, the attacks may have further reaching effects such as a revision of the schengen agreement.