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Published on NewsOK Modified: August 9, 2014 at 8:45 am •  Published: August 9, 2014
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WASHINGTON (AP) — Caterpillar has evacuated a handful of employees from Liberia. Canadian Overseas Petroleum Ltd. has suspended a drilling project. British Airways has canceled flights to the region. ExxonMobil and Chevron are waiting to see whether health officials can contain the danger.

The Ebola outbreak, which has claimed nearly 1,000 lives, is disrupting business and inflicting economic damage in the three African countries at the center of the crisis: Guinea, Sierra Leone and Liberia. So far, analysts say the crisis doesn't threaten the broader African or global economies.

"We must make sure it is controlled and contained as quickly as possible," said Olusegun Aganga, trade minister in Nigeria, which has confirmed nine cases of Ebola. "Once that is done, I don't think it will have a lasting impact on the economy."

The World Health Organization on Friday declared the outbreak an international public health emergency. The WHO didn't recommend any travel or trade bans. But it cautioned anyone who had had close contact with Ebola patients to avoid international travel and urged exit screenings at international airports and border crossings.

"When you have a widespread outbreak of Ebola, you can end up with a panic," said John Campbell, senior fellow for Africa studies at the Council on Foreign Relations. "People won't go to work. Expatriates will leave. Economic activity will slow. Fields won't get planted."

The World Bank estimates that the outbreak will shrink economic growth in Guinea, where the crisis emerged in March, from 4.5 percent to 3.5 percent this year.

Ama Egyaba Baidu-Forson, an economist at IHS Global Insight who focuses on sub-Saharan Africa, is cutting her forecasts for growth this year in Liberia and Sierra Leone. She warned that prices would rise as food and other staples become scarce and that the region's already fragile governments would run up big budget deficits in fighting Ebola.

Baidu-Forson says the countries hit by Ebola ultimately could require financial help from the International Monetary Fund.

In the meantime, multinational companies that do business in the resource-rich region are scrambling to respond to the crisis. Among them:

— Heavy equipment manufacturer Caterpillar Inc., based in Peoria, Illinois, has "evacuated less than 10 people" from Liberia, company spokeswoman Barbara Cox said by email. In a statement, Caterpillar said: "The health and safety of our people is our top priority.... We will continue to monitor the situation closely."

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