Expert takes a look at how Michigan’s economy can bounce back

(WXYZ) – As more Michiganders file for unemployment and Governor Gretchen Whitmer’s stay-at-home order is extended until April 30, the question now arises of how to reopen Michigan, when some of the restrictions are lifted and people can start going back to work?

Everywhere you look it’s like a ghost town. Businesses are closed and millions of people are looking for work. However, after all of this, how do businesses get back on track and bring customers back? How is Michigan reopening?

“Well, to put it in perspective, Michigan’s economy has already been hit very hard,” said Marick Masters, a business professor at Wayne State University.

With hundreds of thousands of businesses closed across Michigan, the state’s economy is suffering.

“The payroll has gone from around 4.5 million to less than 3.3 million,” Masters said. “It is estimated that in Michigan this quarter, unemployment will rise to 24 percent.”

However, Masters says there is encouraging news. Depending on when this pandemic starts to slow down, we could start to see a resurgence of

“As long as we can get things done with enough money for them to survive, we can do pretty well,” he said.

Masters says this pandemic is worse than the 2008 recession, but ultimately businesses should be able to get back on track and help stimulate Michigan’s economy faster.

“The fundamentals of the economy are strong,” Masters said. “There are no structural issues with the economy and the stimulus is huge, we should be able to bounce back pretty quickly.”

During his last COVID-19 task force briefing, President Trump was asked about opening up the economy and how he plans to do it with business leaders.

“These are the biggest names, I think, the people who know best,” said the president. “So we called them and we’re going to talk to them very soon and if it’s questions or statements, we want them to have that for us and we’ll have one or the other answer. let’s learn from them and we can do it and put it all in our new guidelines. “

Masters says we should all be optimistic that things will start to improve sooner rather than later, and reopening Michigan will help us all get back to some sort of normalcy.

“Once they’re able to deploy their businesses again, they’ll be able to rehire people and I think people will have a hard time coming back to help those businesses,” Masters said.