[In the News]:Economic Effects of Terrorist Attacks


This is the VOA SpecialEnglish program, IN THE NEWS.

The economic effects of the terrorist attacks in the UnitedStates last week are spreading across the country and the world. Theattacks in New York City and Washington D.C. have hurt manybusinesses, especially the airline industry and financial markets.Many companies have been forced to dismiss thousands of workers.Many individual states are concerned about their economic future.

Monday was the first day of trading on the American stock marketsince the attacks September Eleventh. The stock market sufferedmajor losses. The Dow Jones industrial average lost seven percent ofits value. The other major measures of the value of American stocksfell to their lowest levels in three years.

Some economic experts say the drop in the value of stocks coulddirectly affect long-term spending. They say it may cause people tolose trust in the economy and spend less money. Businesses acrossthe country already have reported decreases in sales. Experts notethat the American economy was close to a recession even before theattacks.

The airline industry was probably hardest hit by the attacks. Thenation's skies were temporarily closed to all air travel. Travelersremain frightened and are avoiding flying. High fuel and labor costsare making the situation worse. The airlines are losing hundreds ofmillions of dollars each day.

Major airlines in the United States have announced plans todismiss almost eighty-thousand workers. A major builder ofairplanes, Boeing, says it will dismiss as many as thirty-thousandworkers. Airlines in many other countries are cutting flights andjobs. Many other businesses dependent on the airline industry alsohave been harmed.

The American airline industry has asked the federal governmentfor help. Airline officials are hopeful after Congressional leadersand administration officials agreed Friday to afifteen-thousand-million dollar financial aid plan for the industry.

There are also concerns about the economic effects of anymilitary action. This could raise the price of oil. Production couldbe reduced if a large number of part time troops are called toactive duty. Trade could be restricted.

On Monday, the United States Federal Reserve lowered interestrates. The action was designed to support the economy by making iteasier for people and businesses to borrow money. The EuropeanCentral Bank took similar action.

The Bush administration and Congress are considering several taxand spending proposals. President Bush has already signed into law aforty-thousand-million dollar emergency spending plan.

Economic experts say they will know more in the next few weeksabout what direction the economy is going.

This VOA Special English program, IN THE NEWS, was written byCynthia Kirk. This is Steve Ember.

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