CORONAVIRUS IMPACT ON THE GLOBAL ECONOMY

2020 ◽  
Vol 10 (10) ◽  
pp. 2491-2498
Author(s):  
L.V. Abdrakhmanova ◽  
◽  
E.S. Shchigortsova ◽  
Keyword(s):  
Economic Activity ◽  
Global Economy ◽  
World Economy ◽  
Raw Materials ◽  
Global Scale ◽  
Retail Trade ◽  
Negative Consequences ◽  
Road Transportation ◽  
The World ◽  
Coronavirus Infection

The article analyzes the consequences of the spread of coronavirus infection on the world economy. The high degree of infection and the rapid spread of COVID-19 caused the quarantine of certain cities and regions of the world, and since March 2020, the borders between the countries have been completely closed. This situation, naturally, could not but affect the global economic activity. The crisis caused by the pandemic has led to the fact that the leaders of the countries were forced to first of all pay attention to health problems and seriously reduce funding in other sectors of the economy. The forced self-isolation regime of the population affected all spheres of life, without exception, large and medium, and, especially, small business suffered. The sectors of the economy most affected by the coronavirus pandemic include: air and road transportation, the leisure and entertainment industry, fitness and sports, tourism, hospitality, catering, the education system, the organization of conferences and exhibitions, the provision of personal services to the population, dentistry, retail trade in non-food products, the media and the production of printed materials, etc. Statistical data on the number of cases of new coronavirus infection by country (as well as those who recovered and died from it) are today not so much of a medical nature as evidence of a deepening global economic crisis. The decline in production volumes on a global scale entails a reduction in the global consumption of most types of industrial raw materials and energy carriers. According to analysts’ forecasts, the possibility of a quick return to the previous economic activity is not foreseen, negative processes may continue for the next several years. The COVID-19 pandemic is a serious test of the readiness of the world economy to effectively resolve global problems, overcome the negative consequences of the spread of the virus and focus on those positive opportunities, the development of which can lead to economic growth in the long term. One of these promising areas of economic development is the further digitalization of society, the development of new digital technologies.

scholarly journals Current transformation trends in the economy in response to transnationalization

2017 ◽  
pp. 88-95
Author(s):  
Kateryna Zhylenko
Keyword(s):  
Rapid Growth ◽  
Global Economy ◽  
World Economy ◽  
Structural Changes ◽  
Global Strategy ◽  
Foreign Direct Investments ◽  
Negative Consequences ◽  
Economic Relations ◽  
Goods And Services ◽  
The World

The article considers current trends of transnationalization in the light of globalization of the world economy. The sources and channels of foreign direct investments are analyzed. It is pointed out, that the degree of TNC penetration into other countries’ economies is described by a means of ranking companies called transnationality index. The key factors of the rapid growth of TNCs and their turning into one of the most important actors of the current market economy are identified. There seems to be a tendency to a greater consolidation of TNCs, which is evidenced by a growing number of mergers and acquisitions of economic entities. It is noted that an increase in foreign direct investments over the last decades has been related to a rapid growth of international corporations that make investments, have branches and subsidiaries in many countries of the world. It is stressed that a further study of transnationalization should be carried out to understand both positive and negative consequences of structural changes in the global economy. A particular attention should be paid to changes in ways and systems of interaction between strategically significant sectors of the economy. A primary purpose of the paper is to consider the current role of TNCs, and to assess the degree of TNCs’ impact on the dynamics of changes in the world economy and international economic relations in the context of transnationalization. The growth of TNCs, which is currently observed, has given a new impetus to integration processes in the world economy. Definitely, it is due to the fact that overseas branches seek to be an integral part of economies of host countries and become incorporated into domestic markets of other countries. Modern TNCs are a combination of national enterprises and foreign affiliates, that form a coherent global system, in which separate branches located in various countries, operate within a framework of unified global strategy. Another feature of TNCs is their severe competition not only in the world markets of goods and services, but also on capital, labour, technology, and information markets.

scholarly journals Assessing the Impact of Innovation Activity on Mining Industry Results

2020 ◽  
Vol 174 ◽  
pp. 01052
Author(s):  
Oleg Kalenov ◽  
Sergey Kukushkin ◽  
Galina Bolkina
Keyword(s):  
Global Economy ◽  
World Economy ◽  
Raw Materials ◽  
Mining Industry ◽  
Innovation Activity ◽  
The World ◽  
The Impact ◽  
Intensive Growth

The role of the mining industry in the world economy is enormous, since its branches are the most important source of industrial raw materials, without which the intensive growth of modern industry would be completely impossible. However, the technologies used in it are not always innovative. Despite the fact that the mining industry occupies a fairly small percentage in the structure of the world economy and does not exceed 10%, it is an important source of income for many states, including Russia. However, the changes that are now observed in the global economy require new approaches to organizing activities. Despite its profitability, this industry is quite difficult to manage. The way from the extraction of raw materials to their end user is very complicated and depends on many conditions. For the successful integration of the Russian mining industry into new economic realities, it is necessary to intensify innovative processes by investing financial resources in new equipment and high technology. At the same time, acceleration of the development of the mining industry can be achieved in the chain “mining industry - processing industry” through the introduction and use of nanotechnology, which can significantly improve the quality of raw materials.

The World Economy

2001 ◽  
Vol 175 ◽  
pp. 29-58
Keyword(s):  
Developing Countries ◽  
Latin America ◽  
Eastern Europe ◽  
Economic Activity ◽  
World Trade ◽  
Global Economy ◽  
World Economy ◽  
The World ◽  
World Economic ◽  
Merchandise Trade

World economic activity is estimated to have risen by 4¾ per cent in 2000, the fastest rate for more than a decade. Growth accelerated in all the major geographical areas last year, with GDP rising by an estimated 4.2 per cent in the OECD economies and activity recovering strongly in many developing countries in Asia, Latin America and Eastern Europe. World trade was exceptionally buoyant, with merchandise trade volumes rising by an estimated 13 per cent. However there is now clear evidence that the growth of the global economy has passed its peak.

Policy of National Interest as an Alternative to Liberalism

Upravlenie ◽  
10.12737/5638 ◽  
2014 ◽  
Vol 2 (3) ◽  
pp. 57-61
Author(s):  
Моргунов ◽  
E. Morgunov ◽  
Чернявский ◽  
S. Chernyavskiy
Keyword(s):  
Global Economy ◽  
Capital Investment ◽  
World Economy ◽  
Oil And Gas ◽  
Raw Materials ◽  
National Interest ◽  
Point Of View ◽  
Modern World ◽  
The World ◽  
Gas Market

It has been shown in this paper that among the expert community there is no consensus on the global economy prospects. Optimists suggest that as soon as the crisis in the euro area will be overcome, and the world economy in the coming years will increase slowly but surely (about 3% per year). But pessimists suggest that depression, or at least short-term stagnation will occur. However, some of them not only predict a financial crisis, but in the middle-term – a natural resource´s one. Our analysis of global and Russian oil and gas market is confirming that at least "oil props" of the modern world economy are becoming quite shaky: the world is moving from the "oil era" to the "age of gas". With specific regard to Russia, its natural resources and raw materials primarily hydrocarbons (in particular enough high world prices for them), keep her from the financial and budget crisis, despite the absurd liberal economic policy and off-scale corruption. However, analysis of Russian oil and gas market shows that many of old highly profitable fields almost used up its resources and new ones are often at least marginally profitable and require a huge capital investment in their development. Therefore, from our point of view, in any case, to be a shift from the liberal to an active policy of national interest: improving the living standards of own people, economic development of the territory, industry restoration.

scholarly journals The Economic and Social Consequences of Tax Havens in the World

2020 ◽  
Vol 83 ◽  
pp. 01041
Author(s):  
Gizela Lénártová
Keyword(s):  
World Economy ◽  
Tax Avoidance ◽  
Global Scale ◽  
Social Consequences ◽  
Negative Consequences ◽  
Tax Havens ◽  
The World ◽  
Tax Fraud ◽  
National Tax ◽  
Stable Development

The tax havens in the world have become the global phenomenon related tax avoidance, tax fraud and evasion and money laundering. The aim of the paper is to analyze their scope and to assess economic and social consequences of their existence in the world society, world economy, international and national tax systems. Many analyzes of the current situation and reported cases show that tax havens are threatening the stable development of the world economy, causing negative consequences of the economic, social, security and humanitarian nature of the global scale. Combating tax avoidance, tax fraud and evasion through tax havens must be stronger and more effective all around the world.

scholarly journals Redefining Periphery: Offshore Finance, Peripheral States and the World Economy

2012 ◽  
pp. 50
Author(s):  
Dimitris Katsikas
Keyword(s):  
Capital Mobility ◽  
Global Economy ◽  
World Economy ◽  
Small States ◽  
Negative Consequences ◽  
Global State ◽  
Tax Havens ◽  
The Core ◽  
The World ◽  
The One

This article seeks to examine the changing dynamics between the periphery and the core of the world economy. Small, peripheral states have assumed an increasingly important role in recent decades by offering fi nancial services to an increasing and geographically expanding range of corporate entities and wealthy individuals. These Offshore Financial Centres (OFCs) or tax havens, offer a service, which often has negative consequences for non-OFC countries at the core of the global economy. Despite pressure from the latter, these small states at the periphery of the global state system are able to continue their operation unabated. This is possible because in a world of growing technological nterconnectedness and capital mobility these states are able to employ the one resource they possess that has no limits: their legal sovereignty, that is, their right to write and enact law. By effectively commercializing their sovereignty small states are able to offer “juridical relocation”, a valuable service to wealthy individuals and companies around the world, which in turn employ them as a core piece in their intricate global wealth managing networks.

scholarly journals Transnational Corporations in the Conditions of Globalization of Ukrainian Economy

2021 ◽  
Vol 1 (516) ◽  
pp. 21-27
Author(s):  
E. V. Voskoboeva ◽  
◽  
O. S. Romashchenko ◽  
Keyword(s):  
World Economy ◽  
Transnational Corporations ◽  
Retail Trade ◽  
Main Task ◽  
Industrialized Countries ◽  
Negative Consequences ◽  
Economic Activities ◽  
Actual Problem ◽  
The World ◽  
The Impact

This article is concerned with the actual problem of development of transnational corporations (TNCs) in the context of globalization of the economy. The main characteristic feature of TNCs is their ability to plan, organize and control economic activities in different countries. Precisely this is a trait that distinguishes a TNC from other participants in the world economic system. The article carries out a comprehensive study of the impact of transnational corporations on the world economy. The study identifies that the influence of transnational corporations on the world economy, regardless of the level of their development, is increasing. Therefore, foreign direct investment is an important mechanism through which savings are transferred from advanced, industrialized countries to developing countries. Thus, it is identified that among foreign investors the most investment attractive in Ukraine are industry, wholesale and retail trade, professional, scientific and technical activities, information and telecommunications, financial sphere and real estate operations. Also attractive for TNCs from industrialized countries is the investment in the infrastructure of business servicing, first of all, enterprises with foreign investments. It is also examined that most foreign capital was invested in Dnipropetrovsk, Kyiv, Donetsk, Odesa, Poltava, Lviv and Kharkiv regions. It is concluded that the main task is not to confront or combat the influence of large foreign TNCs, but to align their interests with the strategic priorities of the Ukrainian economy, as well as to create own competitive TNCs. To this end, the main competitive advantages and negative consequences of transnational corporations are allocated.

scholarly journals The Crucial Factors and Prospects for the Recovery of the World Economy in the Global COVID-19 Recession

2020 ◽  
Vol 12 (515) ◽  
pp. 39-46
Author(s):  
N. G. Kalyuzhna ◽  
◽  
T. K. Kovtun ◽  
Keyword(s):  
Foreign Trade ◽  
Global Economy ◽  
World Economy ◽  
Recovery Period ◽  
Economic Recession ◽  
Negative Consequences ◽  
Global Recession ◽  
The World ◽  
Foreign Trade Turnover

The article focuses on identifying and systematizing the hallmarks of the COVID-19 recession as unprecedented in terms of the both spread and impact on the global economy in the phase of business activity downturn. The dynamics of the main indicators of economic growth are researched and it is substantiated that the negative linear forecast trends allow forecasting the long-term recovery period after the current global recession. It is shown that the global recession of 2020 negatively affects the prospects for the recovery of major national economies of the world, given the high probability of the introduction of repeated quarantine restrictions. Based on the analysis of the dynamics of the index of global economic uncertainty, the world economy is confirmed to be in the most uncertain state during the period of observations. According to the analysis of the values of the barometer of world trade in goods in 2020, negative changes in the structure and dynamics of foreign trade turnover and doubt for the rapid recovery of global supply chains were evidenced. Based on the generalization of the results of the study, key distinctive signs of the COVID-19 economic recession have been systematized justifying that, in addition to any recession inherent in the loss of growth rate of world production, the current economic crisis is accompanied by a drop reaching the critical deadlines of a number of indicators of the intensity of global development, which confirms its unprecedented spread and impact on the world economy. It is substantiated that the confirmation of the determined trends allows to predict the long-term negative consequences of the modern global recession, which leads to the need to substantiate the directions of recovery of the world economy and foreign trade cooperation of the countries under crisis conditions.

scholarly journals CORONACRISIS COVID-2019 AS A SOURCE OF NEW CHALLENGES AND A CATALYST FOR GLOBAL SOCIO-ECONOMIC PROCESSES

2021 ◽  
pp. 148-158
Author(s):  
Валерий Владимирович Шлычков ◽  
Павел Александрович Батайкин ◽  
Диана Рустамовна Нестулаева
Keyword(s):  
State Policy ◽  
World Economy ◽  
Practical Significance ◽  
Negative Consequences ◽  
Global Trends ◽  
World Community ◽  
The World ◽  
The Subject ◽  
Coronavirus Infection ◽  
New Challenges

Работа посвящена выявлению основных трендов развития мировой экономики в «доковидный» период и определению вектора их трансформации под воздействием эпидемии COVID-2019 и «коронакризиса» 2020 г. Предметом исследования являются социально-экономические процессы, протекающие в мировом сообществе в рамках противодействия распространению коронавирусной инфекции. Целью исследования являются анализ возникших из-за пандемии новых трендов, вызовов и рисков, а также обобщение международного опыта проведения «антиковидной» государственной политики. Научная новизна и практическая значимость исследования заключается в выработке рекомендаций и разработке комплекса мер по преодолению негативных последствий «коронакризиса», определении наиболее перспективных сфер и направлений «постковидного» развития мировой экономики, выявлении вновь возникших глобальных тенденций в процессах управления и организации труда. The work is devoted to identifying the main trends in the development of the world economy in the «dock» period and determining the vector of their transformation under the influence of the COVID-2019 epidemic and the «coronavirus crisis» in 2020. The subject of the study is the socio-economic processes taking place in the world community as part of countering the spread of coronavirus infection. The aim of the study is to analyze the new trends, challenges and risks that have arisen due to the pandemic, as well as to generalize the international experience of conducting «antiquated» state policy. The scientific novelty and practical significance of the research lies in the development of recommendations and the development of a set of measures to overcome the negative consequences of the «coronacrisis», to identify the most promising areas and directions of «post-like» development of the world economy, to identify newly emerging global trends in the processes of management and organization of labor.

scholarly journals Transnational Corporations and Their Role in the Economic Development

2019 ◽  
Vol 12 (2) ◽  
pp. 1830-1834
Author(s):  
Mentor Qerim Shaqiri ◽  
Ismail Mehmeti ◽  
Orhan Maxhun Çeku
Keyword(s):  
Economic Activity ◽  
Global Economy ◽  
World Economy ◽  
Transnational Corporations ◽  
Scientific Methods ◽  
Business Plans ◽  
Market Requirements ◽  
The World ◽  
The Impact

This paper analyses the role of transnational corporations in a country's economy within the global economy. Over the last two decades of the twentieth century, in the world economy, there has been a rapid increase in the number of corporations. The increasing number of corporations has come as a result of large investments and adequate business plans in line with market requirements. The bigger the company is, the bigger the field for action. This has in some way even determined the merging of various companies, which then have extended their influence on the world's major markets. Corporate empowerment has raised many other issues related to their economic activity such as: the issue of workers’ rights, the elimination of double taxation, the issue of monopolies by these corporations, the insurance of the capital of these corporations, up to eventual bankruptcy. Thus, all these issues raise dilemmas regarding the role and impact of corporations on the development trends of a country.The aim of this paper is to identify the impact of transnational corporations on the development of a country's economy. For the elaboration of the paper several scientific methods have been used, including the literature review and the analytical method for analysing data from the field.

Sign in / Sign up

Export Citation Format

Share Document