Question
Q7 Economists have predicted that the outbreak of COVID-19 will lead to large decreases in the gross domestic product (GDP) of many countries. Discuss the
Q7 Economists have predicted that the outbreak of COVID-19 will lead to large decreases in the gross domestic product (GDP) of many countries. Discuss the pros and cons of using GDP to measure the impact of COVID-19 on economic activity. (5 marks)
The Gross Domestic Product (GDP) is an economic measure of a nation's total income and output for a given period. GDP is used to measure the wealth and prosperity of various nations, as well as to measure the growth or decline of the economy. The corona virus has affected over 60% of Australian businesses, whilst 780,000 people lost their jobs.
There is also a permanent reduction in the workforce of a smaller number due to the coronavirus-triggered deaths. This statistical evidence suggests that there will be a significant effect on the economy as it "reduces consumer confidence and household income and spending as well as the production of output."
this is what i've started with, what else could i add? and the cons?
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