2020 ECONOMIC RECOVERY FORECAST PRESENTED BY VECTRA BANK^{[cite::239::cite]}

The truth is: nobody really knows. However, the two most significant factors that could drive a rapid recovery are increased consumer spending and the arrival of a COVID-19 vaccine. That’s according to a consensus of professionals who discussed scenarios for economic recovery during a Denver Business Journal Table of Experts panel recently.

Although the future is unknown, the panelists provided insight on how a business can help navigate the uncertainty. It begins with improving communications with employees, customers and vendors. Also recommended was the need to be ready to pivot as circumstances change; learning how to listen to customers and employees and deal with their stress; working with their organization’s bankers, lawyer, accountant, insurance provider, suppliers and clients; and developing a crisis management plan.

The past six months were filled with unexpected twists, turns and changes at a dizzying pace. Few expected that the outbreak of COVID-19 would lead to hundreds of thousands of deaths, significant shutdowns in society and the negative impact the coronavirus would have on employment and business across the nation.

 However, the good news is that there is reason for optimism for the future, the panelists said. The virtual event was moderated by Bruce Alexander, President & CEO of Vectra Bank, Colorado, which sponsored the event. The TOE panelists included Mark W. Williams, equity member, Sherman and Howard Law LLC; Kreg Brown, audit partner, CPA, CGMA, Plante Moran; and Ryan Detrick, senior vice president and chief market strategist, LPL Financial Market Strategies.