IMPACT OF THE COVID-19 PANDEMIC ON INTERNATIONAL BUSINESS

Анотація

The pandemic affected not only the functioning of the world economy, but also the international business strategies of large transnational companies. The impact of the COVID-19 pandemic on international business are analyzed in the article. The peculiarities of the increase in the level of unemployment during the COVID-19 pandemic have been studied. It is described that many sectors of the world economy have suffered losses from the pandemic. The impact of the COVID-19 pandemic on the international labor market and the unemployment rate is analyzed. The pandemic had a significant impact on the increase in unemployment. About 5 million people lost their jobs in China in the first 2 months of 2020. The world unemployment rate in 2021 was 6.18%, which is 0.4% less than in 2020, according to the World Bank. The level of unemployment in 2019 and 2020 in various regions is characterized, among them: North Africa and Western Asia, Latin America and the Caribbean, Europe and North America, Central and South Asia, etc. COVID-19 has led to massive job losses. The pandemic also affected the development of trade. After all, trade in services decreased in 2020. In general, the value of export of services in OECD countries decreased by -16.7% in 2020, which is twice the value of export of goods, which decreased by -8.2%. The COVID-19 pandemic has had a significant negative impact on the tourism industry. The tourism industry was one of those that was most affected by the pandemic. The tourism industry in many countries of the world has suffered great losses. It has been studied that the COVID-19 pandemic has affected the import and export trends for some of the world's largest trading economies. The impact of the COVID-19 pandemic on the investment activity of the countries of the world is characterized. Features of investment activity in 2019 and 2020 are described. It is worth noting that the Covid-19 pandemic had a significant impact on the GDP of the countries of the world. According to estimates by the International Monetary Fund, real world GDP grew by 2.8% in 2019, decreasing by 3.3% in 2020 due to the COVID-19 pandemic.

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