Impact of Road Accidents on Economy

Author Name : Mayura Yeole, Adesh Patil, Abhijeet Kunale, Nilkanth Mathpati, Prasanna Bari, Praphull Kadkanje

ABSTRACT

Road traffic accidents (RTA) are a global problem resulting in deaths, physical injuries, psychological problems and financial losses. These financial damages have immediate consequences and long term consequences on the victims and their families. Different countries have different impact of road traffic accidents and therefore spend dissimilar amounts in their budgets to prevent the road traffic accidents. If the financial losses due to road traffic accidents are calculated and highlighted by the researchers, the respective governments will be willing to spend higher amount in their budgets to prevent such accidents; as governments will be able to directly see the benefits to their countries, of spending higher budget amounts. Various countries are acting differently to reduce this menace of road traffic accidents and World Health Organization (WHO) is celebrating “Decade for road safety” to reduce the accidents and thus the financial loses to the society.

Keywords: Road traffic accidents, GDP, financial losses, Economic Efficiency, Socio- economic impact.