The question that comes up at least once a day is ‘When will the pandemic end?”With no one able to forecast the end, we're left trying to predict how consumers will react, what governments might do and how this could impact our business.The path of past pandemic shows us possible scenarios, but they are only possibilities. Each era has its own nuances that influence the outcome.Still senior executives around the world need to plan and forecast - with or without a pandemic business needs to move forward and navigate what ever hurdles the economy might throw at them.A recent survey by the Conference Board of global CEO’s showed that about half expect a U-shaped recovery. They see continued contraction in Q3 with growth resuming in Q4.However about 25 percent of American and Chinese executives are expecting to a W-shaped scenario. They expect that there will be a second contraction in Q4, with growth resuming in Q1 2021.While most CEO’s outlook was markedly cautious, about 21 percent of China’s CEO’s forecast a V-shaped recovery, where recovery shows sharp growth in Q3. Europe Sees a Risky OutlookThe recent Summer 2020 Economic Forecast published by the European Commission expects the EU economy will contract by 8.3 percent in 2020 and then grow 5.8 percent in 2021.This is more severe than the 7.4 percent contraction forecast this spring.However, early data for May and June suggest that the worst may have passed. The recovery is expected to gain traction in the second half of the year, albeit remaining incomplete and uneven across Member States, according to a European Commission statement.Outlook: High Risk, with strong downside.There is a clear potential for future lockdowns should a second or third wave of COVID-19 hit the region. Will opening borders to support the tourism industries result in a spike in cases and lengthen the duration of the pandemic?On the upside, the development of a vaccine could be a game changer.Best Bet: The NextGenerationEU recovery plan is a massive agreement to finance economic recovery. After a long hard fight, the bill was passed and now business and governments are hoping that this will sustain the region and drive recovery. The U.S. Sees Diminished H2 ForecastAfter getting off to a roaring rebound in May and June, a surge in coronavirus cases in July sent some states back into lockdown or severely curtailed retail activities.The rise in virus cases in the US threatens to weigh on the country's economic expansion in 3Q20. The daily number of new cases has recently reached over 60,000, compared to previous peaks below 40,000 in April, according to Fitch Ratings.Outlook: Very RiskyWith no commitment from the public to wear masks and social distance, the chances of taming this virus is not looking good.E-commerce will offer retailers some relief, but won't be able to save the entire economy."Re-opening delays and renewed social distancing disruptions are a material downside risk to our forecast of a 4.6% (non-annualised) rise in US GDP in 3Q20," said Brian Coulton, Chief Economist at Fitch Ratings.Best Bet: Extending government programs to protect jobs and support workers until the economy gets back on it's feet.Asia is Stable, but Dragged Down by the Global EconomyFor the first time in living memory, Asia’s growth is expected to contract by 1.6 percent—a downgrade to the April projection of zero growth, according to Chang Yong Rhee at the International Monetary Fund (IMF).Asia is heavily dependent on global supply chains and cannot grow while the whole world is suffering.Regional growth is expected to rebound to above its trend pace, to 6.6 percent in 2021, as lockdowns are lifted around the world, according to the World Bank.Outlook: Stable with Downside RiskAsia's ability to develop domestic markets and become less reliant on exports will determine how well it fares during this pandemic and in the future.China has take the lead in this. In response to weaker exports, the goverment set up programs to facilitate manufacturers in developing sales to the domestic market.Best Bet: In the short term, continued goverment support to keep to maintain economic stability. Long term, cultivating strong intra-Asia trade, to offset an over reliance on exports to the U.S. and EU markets.Outlook for RecoveryExpect a U-shaped Recovery (extended contraction in Q3, growth in Q4)55% of EU CEOs40% of American and Chinese CEOsExpect a W-shaped Recovery (another contraction in second half of 2020)25% of American and Japanese CEOs16% of Global CEOsExpect a V-shaped Recovery (sharp growth in Q3)16% of Chinese CEOs11% of Global CEOs47 percent of CEOs globally predict pre-COVID-19 revenue levels will return sometime in 2021.Europe: 62 percent of CEOs there see this as likely.United States: 51 percent of CEOs there see this as likely.China: 32 percent of CEOs there see this as likely, but 41 percent expect an earlier recovery in 2020. Source: Conference Board Survey