Local leaders discuss coronavirus and its impact on the economy
(Photo by Zachary Meseck)
NORWICH – As part of Commerce Chenango’s Annual Outlook Breakfast sponsored by NBT, a presentation was made Thursday on the U.S.’s growing economy, and to what extent coronavirus will impact it.
According to Commerce Chenango CEO and Executive Director Kerri Green, the event is part of Commerce Chenango’s push towards educating and providing networking opportunities to business partners.
NBT Senior Vice President and Chief Investment Officer Kenneth J. Entenmann was the main speaker of the forecast, and during the event he said while coronavirus will negatively affect global supply chains, the United States economy is strong, and should be able to withstand any impact.
“The global markets are roiled by the fears of coronavirus,” said Entenmann. “Particularly concerning to the markets is the spread to South Korea, Iran and now Italy.”
“The market’s reaction to the news has been swift; a significant flight to quality trade. The Dow Jones Industrial Average opened down nearly 900.”
Entenmann said historically economic declines are event driven, due to asset bubbles, or cyclic with political changes, but that the U.S. economy continues to grow.
“What people should keep in mind is that currently there are about 82,000 cases of the virus, with about 3,000 deaths,” he said. “Most of the cases we see in the United States are people that were imported in.”
Comparing coronavirus to the Flu Epidemic in 1918, Entenmann said there were 50 to 100 million deaths related to that epidemic, and that with the advancement of medicine we’re much better off.
“We’re clearly better at this then we were in 1918,” he said. “Roughly 14,000 people have died of the flu this year.”
According to Entenmann, the impact of the virus will largely affect organizations that have their production based in China, and negatively influence global supply chains.
Entenmann said Apple will be one of the companies most affected by the negative impact on supply chains, as the majority of their product is made overseas.
He said otherwise, the United States has a strong economy that will be able to withstand the impact of the coronavirus thanks in part to reduced unemployment rates and growing wages.
According to Commerce Chenango CEO and Executive Director Kerri Green, the event is part of Commerce Chenango’s push towards educating and providing networking opportunities to business partners.
NBT Senior Vice President and Chief Investment Officer Kenneth J. Entenmann was the main speaker of the forecast, and during the event he said while coronavirus will negatively affect global supply chains, the United States economy is strong, and should be able to withstand any impact.
“The global markets are roiled by the fears of coronavirus,” said Entenmann. “Particularly concerning to the markets is the spread to South Korea, Iran and now Italy.”
“The market’s reaction to the news has been swift; a significant flight to quality trade. The Dow Jones Industrial Average opened down nearly 900.”
Entenmann said historically economic declines are event driven, due to asset bubbles, or cyclic with political changes, but that the U.S. economy continues to grow.
“What people should keep in mind is that currently there are about 82,000 cases of the virus, with about 3,000 deaths,” he said. “Most of the cases we see in the United States are people that were imported in.”
Comparing coronavirus to the Flu Epidemic in 1918, Entenmann said there were 50 to 100 million deaths related to that epidemic, and that with the advancement of medicine we’re much better off.
“We’re clearly better at this then we were in 1918,” he said. “Roughly 14,000 people have died of the flu this year.”
According to Entenmann, the impact of the virus will largely affect organizations that have their production based in China, and negatively influence global supply chains.
Entenmann said Apple will be one of the companies most affected by the negative impact on supply chains, as the majority of their product is made overseas.
He said otherwise, the United States has a strong economy that will be able to withstand the impact of the coronavirus thanks in part to reduced unemployment rates and growing wages.
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