HANOVER, Ontario -- In a wide ranging economic outlook presentation, Stephen Tapp, Deputy Chief Economist at Export Development Canada, was cautiously optimistic about a post-Covid recovery towards the end of the year. Tapp was a featured speaker on the Bluewater Wood Alliance's online roundtable on May 27. His complete remarks begin at the 30-minute mark of the recording of the online roundtable event. "The big question we get (is have we hit bottom)," said Tapp. "It's not obvious to me that we've hit bottom yet...because the data that we look at are usually a little bit delayed. Mathematically, we stopped a bunch of businesses from running (because of the shut down), perhaps 1 in 4 or even 1 in 3. As we turn the light switch back on, we're not going to move all the way back to where we were, but there is going to be some strong rebound, just as people get back to some kind of normalcy. If the virus is contained and people can go about their normal business in a few months or by the end of the year then we could see a lot of demand from people who are still on payrolls in decent situations."
Tapp suggested that businesses should be planning for two contingencies: "We may have hit bottom and therefore companies should be ready for a sharp rebound. Or, if there is a second wave of the virus, companies need to plan for that scenario as well."
Roundtable particpants also heard from Barry Reid of LMI International on "Leadership in Challenging Times." Reid reminded participants that you must lead and manage yourself to be a successful leader in these tough times. He said 3 traits of successful people are that they are focused goal setters, self-motivated and possess a positive can-do attidtude. Learn more about the LMI/BWA Leadership Series.
The next Bluewater Wood Alliance Online Roundatble will be held June 17 and is open to all.
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