The term “economic terrorism” should be strictly defined to indicate an attempt at economic destabilisation by a group. More precisely, in 2005, the Geneva Centre for Security Policy defined economic terrorism in the following terms: Contrary to “economic warfare,” which is undertaken by states against other states, “economic terrorism” would be undertaken by transnational or non-state actors.
This could entail varied, coordinated, sophisticated, or massive destabilising actions to disrupt the economic and financial stability of a state, a group of states, or a society (such as market-oriented Western societies) for ideological or religious motives. These actions, if undertaken, may be violent or not. They could have immediate effects or carry psychological effects, which in turn have economic consequences.
Terroristic attacks against ports and land borders force the implementation of extra measures to ensure the safe arrival of products. These measures force the cost of exporting and importing goods to increase. Emerging economies are the most affected because the slowing of exports and imports can affect the country’s ability to combat poverty. An increase in poverty can lead to revolts among the population and potential political destabilisation, further exacerbating poverty.
MAIDA ABDUL RAZZAQ,