3rd International Conference on Business, Economics and Finance (ICBEF) Proceedings

Abstract

NEW BUSINESS PARADIGM DURING ECONOMIC UNCERTAINTIES After two successful conferences (2017 and 2019) UBDSBE hosted the 3rd International Conference on Business, Economics and Finance (3rd ICBEF) from 1st to 3rd November 2021. This year’s conference was held virtually in view of the current COVID-19 pandemic. The theme of the conference was ‘New Business Paradigm During Economic Uncertainties’. The main objective of the 3rd ICBEF was to provide a forum for all researchers and practitioners to discuss the challenges faced during economic uncertainties, share experiences, and suggest possible solutions. Business cycles are a known phenomenon of free market economies where businesses experience booms and bust. However, the causes of these business cycles are attributed to a number of factors including rapid pace of innovations, changes in consumer and investor sentiments, changes in regulatory environment and natural disasters, such as the recent COVID-19 pandemic. Some observers consider economic crisis as a period of ‘creative destruction’, which brings new ideas, technologies, products and services that could lead to economic growth. Economic uncertainties that disrupt the existing way of doing businesses motivate governments and businesses to explore opportunities to reconstruct conditions for profitable and sustainable business through redesigning institutional and cultural framework within which firms operate. The recent uncertainties created by COVID-19 pandemic leave a much deeper impact on businesses, especially SMEs.