Abstract
Doing business in condition of international trade, a stable and competitive business environment is vital to operate efficiently and attract inward investment. Businesses can assess these factors alongside challenges such as corruption, political instability and terrorism to understand the strengths and weaknesses of an operating environment and for strategic investment decisions. In terms of open economy and globalization trends, business faced a lot of different challenges with their specific risks, hence an effective risk assessment approach and management is extremely vital for economic security of business and especially for all country doing business with other countries trying to succeed. The article presents risk management plan content that helps to structure business risk management process and provide with the measures how to deal with risks.
Highlights
International trade and its impact on economic growth depend significantly on the globalization process
No country has yet managed to create a healthy economy by isolating itself from the world economic system
Understanding the structure, health and potential risks of an economy are important for decision-making within an existing operating environment as well as for expansion strategies
Summary
International trade and its impact on economic growth depend significantly on the globalization process. Economic success of any country in the world is based on foreign trade. No country has yet managed to create a healthy economy by isolating itself from the world economic system. The mechanism implementation of world economic relations is global the market as a sphere of established economic relations, based on the international division of labor and are manifested through such forms of international economic relations as international trade, international capital movements, international labor movement, international technology transfer, international settlements and currency and credit operations, international integration. Understanding the structure, health and potential risks of an economy are important for decision-making within an existing operating environment as well as for expansion strategies. Real GDP growth, inflation and exchange rate fluctuations will directly impact consumer market potential. Import and export trade profiles help gauge how open an economy is to trade and investment, while government finances can be used to explore macroeconomic stability and susceptibility to economic shocks
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