According to early predictions compiled by Statista, economists expect most major economies, including the United States, to experience a 2.4% drop in gross domestic product by the end of 2020 due to the ongoing COVID-19 pandemic. While the potential for a second COVID-19 outbreak this year looms as a concern, it begs the question of how the national, state and regional economy might absorb another blow. We asked regional business leaders whether or not they feel the economy could survive another shutdown.
Principal and Chief Wealth Officer, Maner Costerisan
“Americans are resilient, and I believe we will come out of this traumatic time having learned a great deal of important lessons, as we did in 2008. We should continue to focus on what we can control, strive to keep ourselves and our loved ones healthy, and live within our means. When things do begin to bounce back, I am hopeful people will begin to save as much as they can to prepare for whatever is ahead.”
CEO, Small Business Association of Michigan
“The economy can survive, but only after a long, slow and painful period of recovery and a lot of businesses’ carnage along the way. Right now, we know that many small businesses will not survive the first shutdown. In a recent poll of our members, 14% said it’s unlikely that they will survive the current stay-home executive order, with 4% saying they expect to be out of business. I think it is really important for policymakers and government officials to understand that these decisions have enormously consequential impact on more than just individual health.”
Executive Director, Capital Area Manufacturing Council
“Michiganders are incredibly resilient, resourceful and hardworking — helping to deliver America through every challenge, including the Great Depression and WWII. We will overcome the COVID-19 challenge as well. Already the ingenuity of our business leaders and citizens is on full display, with local manufacturers producing the vital PPE our brave health care workers need. One of our biotech firms is even working to develop a vaccine. Capital-area manufacturers are safely working to defeat COVID-19 and restore our economy by bringing more production back to our shores. You name it, we can build it — right here in Michigan.”