THE IMPACT OF COVID-19 ON THE WORLD ECONOMY GLOBALIZATION

Keywords: COVID-19 pandemic, GDP, globalization, world economy, business adaptation

Abstract

The article examines the COVID-19 impact pandemic on the world economy globalization. From the end of the 20th century and the beginning of the 21st century, globalization began to cover all processes of human life. This is especially true of economic processes in the world. In the article reveals the problems faced by businesses in each country due to quarantine restrictions. The concept of global economy and the reasons of occurrence of such phenomenon are analyzed. The fall of GDP in the countries of the world, difficulties of the organization of conducting business activity in modern conditions and possibilities of occurrence of interdependence of automation and unemployment are investigated. The downward trend in GDP has shown its dependence on the restrictions adopted by countries in the first and second quarters of 2020. In the third quarter of 2020, improvements can be observed as quarantine restrictions are lifted. The article notes that large enterprises, due to their resource potential, have invented ways to adapt their activities to the constraints caused by the pandemic. Most employees of enterprises have been transferred to a flexible mode of operation, and sme: online mode in conjunction with work in offices. There was a rapid transition of business to the Internet. The problem of job loss due to the spread of automation in the activities of enterprises is highlighted. Some companies see the automation of business processes as prospects for their development, so they begin to actively invest in this area of innovation. Problems related to automation, namely: rising unemployment, will need to be addressed by business and government together. The tendencies to deepen global processes and accelerate the application of new technologies are considered. It is noted that the deepening globalization of the economy will be due to large mergers, as they have more capacity and ability to stay in the market in today’s realities. Examples are given of how enterprises adapted and were able to maintain their positions during the pandemic. Despite all the problems facing large firms in 2020 due to the pandemic, globalization will intensify. After all, large enterprises have the resources to adapt quickly to crises.

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Published
2021-03-25
How to Cite
Dugienko, N., & Bondarenko, A. (2021). THE IMPACT OF COVID-19 ON THE WORLD ECONOMY GLOBALIZATION. Bulletin of Zaporizhzhia National University. Economic Sciences, (1 (49), 84-87. https://doi.org/10.26661/2414-0287-2021-1-49-15
Section
Theoretical and applied aspects of economic processes in Ukraine and in the worl