Covid-19 Impact on Business and Economy Around the World Assignment
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Introduction - Covid-19 Impact on Business and Economy Around the World
Background Information
Business world is becoming complex day to day which is creating different issues and challenges for the businesses to operate. The increasing globalisation and higher dependence of the economies on the international trade had increased the integration among the economies (Qiu et. al. 2017). There are different factors related to the external business environment which are having potential to affect the businesses at large. All the firms operating at both national and international level needs to pay attention on better management of the factors which can create issues for them in operating efficiency.
Uncertainty related to the environment is an highly unpredictable factor which is having great potential to affect the businesses. Along with this these uncertainties are having an ability to affect the entire world and different dimensions of the business world in an efficient manner. Covid-19 is one such recent incident which had affect the way the world operates. Along with this it had created major issues and challenges for the firms in managing their daily operations (Terziev and Klimuk, 2020). From this it can be said that it is essential to understand the impact of the covid-19 pandemic on the economies and the businesses operating across the globe. All the firms and industries are being affected at large which needs to be studied in an systematic manner. In this research the researcher would be focusing on explaining the impact of the pandemic on the businesses and the economies.
Covid-19 is such a large event in the world history that had affected the world majorly. All the economies are facing the negative effect of the pandemic on their economic development, reduced GDPs and reduced FDIs. Along with this several other major economic issues were also being developed due to the pandemic that are creating issues for the governments to manage the pandemic. The increasing spread of the pandemic had made it difficult for the government to stop the spread of the disease (Kaushik and Guleria, 2020). For this the government had announced complete lockdowns and shutdowns in the major economies. This was a great turning point for the international trade and this had affected the world economy significantly. The world economy and the national economies are also highly depended on the international trade.
The restrictions related to the trade and travel had created great issues for the international businesses in doing business effectively at global level. This had stopped the import and export of the products as only limited stock of essential products was being allowed as per the government guidelines (Kalogiannidis et. al. 2020). This shows that the pandemic had great impact on the businesses and the economies. It is essential to understand the pros and cons related to the impact of the pandemic on the businesses and the economies. In this research study the researcher would be focusing on collecting data related to the impact of the pandemic on the businesses and economies for conducting an high quality research. In this research the researcher would be focusing on collecting both primary and secondary data for the research study which would help them in conducting more authentic research study with better results.
Rationale of the study
The pandemic had affected the way the world operates and the world economy is worst hit due to the pandemic. This had also created great issues for the businesses in managing their day to day business operations. Due to this the pandemic is affecting both the national and global economies negatively which need to be understood in an efficient way. It is essential to understand the exact impact of the pandemic on the businesses and the world economy. This would help the government and businesses in managing the adverse effect of the pandemic on their business operations and managing the pandemic effectively (Craven et. al. 2020). Both short term and long term impact of the pandemic are required to be studied in an systematic manner.
Aim and Objectives
Aim
The research study aims at understanding the impact of covid-19 on the businesses and economy around the world.
Objectives
To explore the impact of the pandemic on the businesses.
To identify that how the covid-19 pandemic had affected the world economy.
To understand that how the impact of pandemic on businesses can be reduced and managed.
Research Questions
What is the influence of the covid-19 pandemic on the businesses operating in the world?
What is the effect of the pandemic on the world economy?
How the impact of the pandemic on the economies and the businesses can be managed?
References
Qiu, W., Rutherford, S., Mao, A. and Chu, C., 2017. The pandemic and its impacts. Health, culture and society, 9, pp.1-11.
Kalogiannidis, S., Chatzitheodoridis, F. and Kontsas, S., 2020. Αn Eclectic Discussion of the Effects of COVID-19 Pandemic on the World Economy During the First Stage of the Spread. International Journal of Financial Research, 11(6).
Kaushik, M. and Guleria, N., 2020. The impact of pandemic COVID-19 in workplace. European Journal of Business and Management, 12(15), pp.1-10.
Craven, M., Liu, L., Mysore, M. and Wilson, M., 2020. COVID-19: Implications for business. McKinsey & Company, pp.1-8.
Terziev, V. and Klimuk, V., 2020, December. Impact of pandemic and post-pandemic factors on innovative development of industry. In 19th RSEP International Economics, Finance & Business Conference–Virtual/Online (pp. 1-2).
