The Institute of Social and Economic Research’s Professor Kevin Berry recently discussed the coronavirus with both Alaska Public Media and KTUU. He says the oil, fishing, tourism and cargo industries may be especially susceptible to the effects of the outbreak.
“These things will probably slow down the economy because, within China, people are being told to stay inside, not move around,” Berry commented. “So we can expect the economy as a whole to slow down because of this. There’s going to be an impact on things like oil.”
He also touched on the fishing industry, saying “Asia is a large purchaser of seafood. Sometimes, outbreaks are used as an excuse for a country to create trade barriers and those trade barriers can impact Alaskan salmon or Alaskan seafood in general. It can also impact the willingness and ability of companies to ship to China.”
Berry communicated that while oil prices have gone down, it’s tough to say how much is due to the outbreak and, though China is a large country, it’s not the only one doing business with Alaska. The level of impact we see will depend on how long the outbreak persists.