Piracy’s Impact on Global Economy

Published on February 8, 2012 by Mark Lowe · No Comments


Oceans Beyond Piracy released a report that raises concerns about the cost of Somali Piracy to the world economy. Approximately 80% of all costs are borne by the shipping industry, while governments account for 20% of the expenditures associated with countering piracy attacks. The report estimates the 2011 economic cost of piracy was between $6.6 and $6.9 billion.
Somali Piracy’s Impact on the Global Economy Nears $7

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