COVID-19 pandemic influence on global business environment

Abstract

The aim of the study lies in assessing the transformations of the global business environment due to the spread of the pandemic. The academic paper has determined that COVID-19 has affected all countries of the world and has caused significant economic reductions, increasing inequality, awareness of the importance of technology to support business. Support and development of business in new conditions will depend on the ability to adapt to a new market with new consumer needs. A new market environment has been shaped by the movement restrictions imposed by almost all countries to provide restrain the disease from spreading. The new environment has stimulated businesses to find efficient working conditions and motivate employees, realizing the potential of new ways of working. Due to the growing uncertainty of the global business environment, companies should be more flexible and plan their activities, consumer needs, expand activities within domestic markets. Reorientation and redirection of production will become new ways of adapting under the conditions of limited financial resources. Along with this, the issue arises concerning the social consequences of the pandemic and the global change in habits and needs of the population.