According to early predictions compiled by Statista, economists expect most major economies, including the United States, to experience a 2.4% reduction in gross domestic product in 2020. While the potential for a second COVID-19 outbreak later 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.
Jimmy E. Greene,
President and CEO, Associated Builders and Contractors, Greater Michigan Chapter
“America can and will survive any economic downturn. Our history has proven that. We have a resiliency and a free enterprise system embedded in our country that will mitigate any ruination of the country. Sometimes we simply have a longer bounce back; but, that said, ‘bounce back’ are the operative words.”
President and CEO, COPOCO Community Credit Union
“This crisis has required us to focus on the physical and emotional health of our membership and employees. One takeaway from this unprecedented time is the willingness and ability of the Great Lakes Bay Region to come together, persevere and care for one another. While it would be difficult and disappointing if this crisis were to return in the fall, I am truly convinced that the Great Lakes Bay Region will have a better understanding of the challenges and will be prepared to meet any struggle we may face.”
President, Three Rivers Corp.
“Protecting employee and customer health is crucial and should be consistent with the OSHA Occupational Risk Pyramid for COVID-19. Broadly suspending the economy again will impose significant human costs of lost jobs and lost businesses. OSHA and the CDC recognize that different activities have different virus exposure risks. Responses to protect public health by minimizing new outbreaks which take those human costs, varied activity risk profiles and diversity of commerce into account seem a thoughtful place to start.”