Commentary: The Pandemic: Shuffling the Deck of the Global Business Environment

Abstract

The pandemic created new and unknown realities for humanity, creating uncertainty in all areas of human life, such as personal, social, business, economics, healthcare, education, and politics. This study clarifies the influence and impact of Coronavirus Disease 2019 (COVID-19) on the international business environment. The pandemic shocked the global supply and demand of goods and services, testing trade resilience and adaptation. Governments realized a need to decrease international economic dependence. Many global companies – strongly dependent on China for their supplies – were seriously affected. This decreased investor confidence, shrank business, and cause unemployment, signalling a human capital crisis. Shifting to a hybrid work environment affected work routines, forcing new corporate intra-organization policies. The pandemic left its ‘fingerprint’ on the organizations because they had no option but to function under the new circumstances. Despite initial predictions, recovery is underway, which has led to stability in the global economy. Post-pandemic, we are witnessing a resumption of global demand. The pandemic’s enduring impact on international business is unknown. What we do know is that risk management and crisis preparedness will remain paramount. business, international, COVID-19, pandemic, trade, coronavirus, crisis, black swan, globalization, risks management