Introduction
Globalization is mostly blamed for expanding the gap between the rich and the poor through environmental resources degradation, terrorism, international and domestic violence. Lately, terrorism has impacted people's lives to where it has hugely occurred especially in the Middle East countries changing the daily routines in the whole world whereby the economic, political and social practices are interfered with. Terrorism attacks have created hatred among various countries breaking their relationship, which interferes with economic policies based on globalization and capitalism. The beginning of terrorism attacks is mainly associated with religion, poverty and envy. The recent international acts of terrorism in the Middle East are highly based on impoverished and ill-nurtured soil. Through keen investigation of the recants events of terrorism in the Middle East, the economic development structure is focused on showing the impact. Terrorism has interfered with economic practices in the Middle East, preventing international trade, causing political instability and disincentives investments and causing fall of tourism, especially in Egypt.
Terrorism Prevents International Trade.
The Global database shows that terrorism in the Middle East is exponentially worse than any other place causing physical destruction, loss of lives, suffering from fear and anxiety and devastating economic impact for instance in Iraq the terrorist attacks are beyond physical destruction. This particular region, economic and cultural impacts are known to be very serious. The international trade has completely been affected due to terrorist attacks, especially the oil trade between the Middle East and other countries. The terrorist has a key influence on oil industries in the Middle East which creates a critical situation since oil facilities are highly targeted by the terrorists (Devarajan et al. 8). Oil shortages are experienced in the nations within the Middle East; for instance, there was time oil productions in Iraq were highly affected due to ISIS' terrorism attacks. The international trade is prevented since the terrorists tend to divert oil sales revenue which are mainly used for infrastructure projects by the national finance. Illegal oil trade by ISIS' caused Syria's oil capacity to be reduced to about 60% interfering with the economy (Devarajan et al. 8). The terrorism group also interfered with the boundaries; for instance, in northern Iraq, significant oil wells were highly controlled. The trade is declined due to external imbalances and fiscal faced by the Middle East countries as a result of terrorism. Most countries rely on Middle
East for oils supply but they face difficulties due to interference of oil trade due to terrorism attacks. For instance, countries like Syria, Yemen, Iraq and Libya are highly faced by the terrorism consequences affecting economic and humanitarian. The economy in these countries has generally shrunk due to the failure of international trade. The international trade cannot be carried out peacefully since people are highly displaced, suffering from lack of services like healthcare, food, sanitation and water. Declining of international trade has left about 85% of people poor in Yemen, making their life even worse.
Terrorism Causes Political Instability and Disincentives Investment
Terrorism causes political violence, especially against any civilian who has an objective of exposing and maximizing media acts towards the terror group. The terrorist groups mainly target the non-military personnel causing a lot of fear among people. Both international and domestic terrorism causes political instability and disincentives investments in the countries that have been attacked (Schneider et al. 23). Continuous terrorist attacks highly plague the Middle East region as a result of political instability. Political factors and political stability is an important aspect of every nation concerning terrorism attacks patterns.
Terrorism groups mainly attack the Middle East countries since they are less autocratic. Due to the severe attacks, the countries experience major political instability which results in more terrorist becoming a host in those countries (Sweidan 279-300). The political stability mainly depends on stable economic factors, but in the Middle East, the economic practices are affected. The disincentives investment and political instability are as a result of economic failure, which is highly caused by terrorist attacks.
Fall of Tourism in Egypt
Other nations such as Egypt and Tunisia, suffer large losses based on tourism declines due to terrorist attacks. The attacks have a given a blow in these countries economies. Egypt had the potential of providing the Middle East with leadership due to its superpower and richest state, exposing it to terrorist attacks by several civilizations (Wendt 1369-1372). Egypt experienced various invasions that deteriorated the tourism industry, which affected the economic stability in a very great way.
For instance, in 2014 and 2016, Egypt experienced terrorism attacks which seriously impacted locals. Public security and safety became affected, making people live in fear. The religious tourism sites were highly affected during these attacks, which was crucial to the Egyptians (Mohamed and Elseyoufi 92-93). The tourism became mismanaged leaving environmental degradation, for instance, the damage of St. Katherine in Sinai which was the popular world cultural heritage site that includes mountains, historical monuments, bio-diversity and ecological significance to the Egyptians. The tourist attraction served for centuries, and it was regarded as a valuable resource to the nation's economy. The terrorist attacks led to the decline of tourism industries due to instability and stagnation of economic status.
