There is no question that a viable private sector has a role now, and will continue to have a role, in recovering economies as nations come to grips with living in a COVID-19 world.
However, going forward, governments might have to re-evaluate the relationship of the public sector and the private sector in economic growth and development.
The shortcomings and vulnerabilities of too great a reliance on the private sector, as the engine of growth, have been revealed by the effects of the pandemic.
There is now, perhaps, a case to regulate companies more robustly to make them more resilient to future shocks and downturns.
It is alarming that many companies operated on small margins of retained capital with little provisions for emergencies. A review of business models that rely on lengthy tax concessions and endless duty-free waivers from governments, may also now become appropriate.
He is a writer on Caribbean Political and Economic Affairs and also Antigua’s Ambassador to the United States