Essay: As we all learned together GDP= C+I+G+Xn, where C is private consumption, I is investment, G is Government expediture, Xn is exports. Since the lockdown due to COVID-19 started all those variables included in the calculation of GDP have decreased (except perhaps for Government spending). Under these conditions GDP decreased as a result. Now that the lockdowns are over what would you advise to help boost economic recovery in these difficult times?
Discuss using four specific examples how the COVID-19 pandemic has demonstrated the need for an efficient public sector particularly in small developing countries, given the imperfections of the perfectively competitive market system