I’ve been getting asked a lot this week about the combined economic impact of the horrific disaster in Japan and the political upheaval in Middle East. Beyond all of the human elements, these events have driven fear back into the economic recovery process.
A month ago at BLC, we laid out all of the best thinking from leading economists and forecasters and were able to predict fairly confidently that we would see an 8% overall North American growth figure in our industry. Isn’t it amazing how much can happen in just a few weeks?
The economic fear we spoke of at the BLC was based on weak consumer confidence, not enough new jobs, and cautious bankers. Earthquakes, overthrown governments, radiation leaks, supply chain disruptions … none of that entered our thoughts or could have been imagined. So, now do we need to step back and recast our opinions? I’ve seen reports ranging from this being a “necessary market correction” to it changing the fundamental way of life in transportation, public safety, construction, energy and travel.
My best advice at this time is to stay focused on what you can control in your company during working hours and do whatever you can do from a humanitarian perspective during non-working hours. It will do you and your employees no good whatsoever to become obsessed with watching the news during the day. Keep working – stay focused.
Please know that I don’t mean to gloss over the tragedies and suffering or minimize any of the hardships and loss of life for the purpose of this blog. We all want to extend our deepest sympathies to those who have friends or family that have perished or who are suffering in the troubled regions of the world. – CW
cwnsca.wordpress.com 
Chuck,
This continues to remind me of the temporary nature and fragility of life. I believe the important thing to take away from this is that if all we focus in and on is work and business we will miss out on life.
Let’s face it – we all take the blessings we have for granted. Seemingly simple things like running water and food on the grocery store shelf…
So how do I think this will impact the economy and my business? Frankly I have no idea. The fat lady has not yet sung. There are brave souls who have chosen to stay and work in conditions that will take their lives – in the hope to save the rest of humanity.
What am I doing to prepare? Well for one – pray for all those people over in Japan. Secondly I’m staying focused on my goals. If I don’t stay focused on what I need to do, then what will happen to my company and employees? I’m also making time for my family –
I think in the next week or two it will all be a lot clearer as to what the potential greater impact will be. It could be minor or it could be life changing. If the Japanese Manufacturers are unable to fulfill product and component orders – I think we are in for a world o hurt.
Just my Saturday morning .02