Sunday’s Free Keynote Address by World Bank economist Dr. Albert Zeufack wasn’t all doom and gloom, but there was a lot of that. ?
“If you are completely depressed by now I would understand,” he said after describing an increasingly volatile global economy and natural disasters that are becoming more frequent and devastating. ?
Zeufack began his presentation, “Economic Crises and Natural Catastrophes as ‘New Normal’? Potential Impact on the Seafood Industry,” with a moment of silence for the victims of Japan’s tsunami on that disaster’s one-year anniversary. ?
For other recent evidence of escalating natural disasters, he pointed to the earthquake in Haiti and 2011’s volcanic eruption in Iceland and severe flooding in Thailand. On the economic side, instability is ?demonstrated by greater fluctuations and the ?possibility of a deeper recession in Europe. ?
The seafood industry is vulnerable to both types of disasters because its suppliers are often located in areas exposed to natural catastrophes and diving economies reduce demand for premium product. ?
Though there is no map for this “new normal,” there are ways for seafood businesses to still thrive.?
“There’s no easy fix, but there’s no choice; you have to do something,” said Zeufack, who praised the sustainability initiatives undertaken by the industry as the right road to be on. “You have absolutely to anchor your business on sustainability.”
