QUESTION

GDP, INCOME AND ECONOMIC GROWTH "For the Australian economy, the costs of COVID-19 will be profound. It is predicted that GDP will contract by 5% in 2020 (Wespac Institutional Bank 2020). In addition, Paul Frijters, a professor of economics at London School of Economics has predicted that the impact on wellbeing will be as significant" (Singer and Plant, 2020).

Discuss why GDP is not necessarily a complete measure of economic wellbeing and suggest an alternative measure of well-being that a government could use in addition to GDP.