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"We don’t want to waste what we have done" / Mid-South experts weigh in on when the economy could be back in business

Local 24 News spoke to a medical doctor and economist who said it could be months until things are back to normal.

MEMPHIS, Tenn — A survey taken last week by Pew Research Center showed 66% of Americans think it's too soon to lift restrictions on the public brought on by the COVID-19 pandemic. 73% said the worst is yet to come.

We're facing tremendous economic hardships now as people are battling a virus that has swept through the country and most parts of the world. People want to get back to work and enjoy normal activities again, but experts like Dr. Jeff Warren, member of the Memphis' COVID-19 task force, said it could be a while before that happens.

"To be able to open up - assuming that we don’t have a vaccine for two years and assuming that this virus goes, to continue we are going to have to have massive testing," Dr. Warren said.

Warren said mass testing needs to happen regularly and include people who are asymptomatic. The vast majority of people testing positive are contracting it at work or contracting it at home from someone who got it at work.

Warren explained our economy and health will bounce back only if we tackle the virus head-on in the months to come. He said we have paid the price in economic capital to save lives.

"We don’t want to waste what we have done," Dr. Warren said. "This was an investment into the health of our citizens."

Economist and the director of the Sparks Bureau at the University of Memphis Dr. John Gnuschke said the stimulus check many people recently received will help relieve the economy some. However, the growth of the economy is contingent on how we treat the virus.

"It’s a very positive impact on the economy because certainly, they’ll be able to buy food, pay bills, and do a few things that are solely essential," Dr. Gnuschke said.

As an economist, Dr. Gnuschke said, of course, it would be great if people could get back to work as soon as possible. Depending on how we phase back into working and daily life could be a roller coaster for our health and the economy for a while.

"It’s very difficult to judge what the ultimate impact is going to be," Dr. Gnuschke said. "We know the economy will be able to bounce back but of course the coronavirus may get much worse."

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