As more COVID-19 cases are confirmed in Oregon and the pandemic continues to have repercussions across the globe, many industries in Oregon are expected to feel the effects.
“It’s a little on the nose, but I like to think of Oregon’s economy as a body with a compromised immune system. If you work too hard, you stay up too late and you have stress, you’re going to be more susceptible to a disease,” Maria Ellis, executive director of the Pacific Northwest Trade Organization, told Oregon Business. “In this case, the trade war’s impact on Oregon’s economy meant we were already on shaky ground; now COVID-19 is the disease, literally and figuratively.”
One in five jobs in Oregon depends on international trade. China is one of Oregon’s major trading partners, and the state has already felt the effects as China struggled with its outbreak. International shipping to and from China has halted, and Oregon’s ports have a backlog of goods destined for China, said Ellis. Great Britain and Germany are also major trade partners. Outbreaks in Europe, compounded by the recently announced Europen travel ban, are expected to affect trade with Oregon.
“The virus is going to disrupt supply chains, keep people away from their jobs, and it’s going to affect air travel. The market right now is showing a recession, and I think the market is correct. It will be important to look at the job numbers next quarter in order to see the impact,” said Ellis.
By Kevin Davenport-Rackham
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