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Wednesday, 10 October, 2001, 10:58 GMT 11:58 UK
Economic fallout
Shock waves from the attacks on the World Trade Center and the Pentagon are reverberating around the global economy. Financial markets were already worrying about a potential worldwide recession and are now even more nervous. Airlines are amopng the worst affected companies, already suffering a massive drop in business. BBC News Online looks at the economic fallout.


Worldwide economic impact

The attacks could have accelerated a global economy slowdown
The attacks could have accelerated a global economy slowdown

The dramatic collapse in American consumer confidence, following the World Trade Center attack, increases the likelihood the US economy will slide into recession. However, the debate is now increasingly focusing on how far-reaching the damage will be and how long the downturn will last.

IMF warns on global economy
 The BBC's Andrew Walker reports

UK consumer confidence falls
 The BBC's Darshini David reports



Dow suffers record loss

When trading reopened stocks had fallen drastically
When trading reopened stocks had fallen drastically

On the Monday after the attacks, the US financial markets re-opened after their longest period of enforced closure since the great depression. The US and European authorities slashed interest rates by half a percentage point to try to lift the gloom. But the Dow Jones index suffered its worst ever points fall with tens of billions of dollars wiped off the value of US companies and the misery continued all week.

Wall Street's grim opening
 The BBC's Stephen Evans

Market falls continue all week
 The BBC's Rory Cellan-Jones

Suspicious trading
 The BBC's Jenny Scott reports on unusual share dealings shortly before the September 11 attacks


UK airlines call for state aid
UK airlines call for state aid

Air transport gloom

The air industry has been severely hit. Within days of the attacks, tens of thousands of job losses had been announced spread across manufacturers and airlines. With some airlines warning of bankrupcy, governments on both sides of the Atlantic are in negotiations about what aid they should offer.

Swissair stops all its flights
 The BBC's Tom Symonds reports

BA job losses rise to 7,000
 The BBC's Rory Cellan-Jones

US airlines offered $15bn aid package
 The BBC's Jonny Dymond

European lifeline for airlines
 The BBC's Rory Cellan-Jones reports on plans to help Europe's suffering airlines


Insurers face record payout

Lloyds of London building
Lloyds of London could be liable for 15-20% of insurance payouts

The air strikes on New York constitute the single most expensive man-made disaster in history. Lloyd's of London has cautioned it may be years before the total claims bill is known. Around the world, insurers have been assessing the size of their exposure and there are concerns that some companies may struggle to survive.

Estimates of payout keep rising
 The BBC's Paul Mason




Click below for video reports on the day of the attacks and on the aftermath

Links to more Business stories are at the foot of the page.


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