Covid 19s Impact on International Business

Nino Jerenashvili

Journal number 1 ∘ Nino Jerenashvili ∘
Covid 19s Impact on International Business

10.36172/EKONOMISTI.2021.XVIII.01.Nino.Jerenashvili

Expanded Summary

The whole history of mankind is connected with business. The activities of any human species, from plasma reaction research to Renaissance paintings, are related to business.

Business is a necessary and inevitable component of human life; - Conflicts that arise in the field of business are a source of economic development; - Business - This is a historically constant event.

Keywords: Pandemic; Covid 19; International Business; International trade; China

International business and the environment in which international trade takes place. The forms of international business and the differences between domestic trade and foreign trade. Focused on the most pressing and pressing problem facing international companies and organizations around the world today. As an example, considered China, which needs to keep pace with current events so as not to lag behind in progress. Although there are strong obstacles it is important for other companies to follow suit, to maintain their own standard and place in the international market.

In order to conduct international business it is necessary to take into account the environment, several business operations are underway. Various factors affecting international business by the international business environment. In order for a company to be successful in Internet that is yet to be well researched the existing business environment. Researchers distinguish between secondary and indirect impact environments.

Factors that directly affect business operations, such as suppliers, consumers, legislators, competitors, etc., are considered in the context of direct impact.

Indirect impact factors do not quickly affect the business, although their impact becomes apparent over time. These types of factors include the general economic situation of the country, technological progress, socio-cultural changes, etc

The international business environment is divided into four parts, they are:

environment

Economic environment

Social-cultural environment

Information-technological environment

COVID-19 has had the most significant impact on businesses in the hospitality and tourism sectors. Hotels, pubs, restaurants, and clubs worldwide have been forced to close their doors to guests to prevent the spread of the virus.

Millions of jobs were cut, many independent companies went under, and billions of US dollars were lost due to canceled flights, vacations, and business trips.

In May 2021, the UK announced its traffic light system for international travel, and though thousands of people have already taken advantage of it and been on vacation to countries on the “green list,” it is estimated that international travel will not return to pre-pandemic levels until at least 2025.

The economic system is as diverse as politics, every country has individual problems and ways to solve this problem. The following criteria are used to evaluate the economic system: corporate ties, inflation, capital market conditions, intensity of competition, etc.

In running any business, cultural differences must be taken into account, which distinguish the representatives of different countries from each other. Not knowing the cultural environment can reduce any profits.

Today, the modern world is characterized by large-scale machine production, which allows mass production of products, as a result of which local markets are unable to fully assimilate the finished product, which in turn causes it to be exported abroad, which increases financial profits.

Forms of International Business

We know the following forms of international business: Export-import of goods and services;

Foreign investment; Licensing;

Business is a different kind of relationship in their field of activity, in which all the subjects participate in it in order to get their own desire.

More than 200 countries around the world have reported cases of Covid-19 since 2020. The rapid and deadly spread of the virus required a national shutdown, which had a devastating impact on the economies of countries.

Covid 19 has had the most significant impact on business in the hospitality and tourism community. Hotels, restaurants and clubs around the world have been able to expedite barriers to the spread of the virus.

Millions of jobs were lost, an independent company disbanded, and billions of dollars in costs were lost due to canceled flights, vacations, and business trips.

A closer look at the indicators reveals how fast the world GDP Mac quickly and up to the Covid-19 level, the international business landscape will change. Especially when comparing the pandemic and related effects on trade and the impact it has had on real investments, companies will build overseas operations to buy or reinvest.

China's growing focus is geared towards multinational companies importing goods from Asian giants, and - in response to growing protection measures at home - may soon find domestic or at least alternatives that are closer. Gain great commodities and long-term economic partnerships.

EKONOMISTI The international scientific and analytical, reviewed, printing and electronic journal of Paata Gugushvili Institute of Economics of Ivane Javakhishvili Tbilisi State University

DOI: 10.36172/EKONOMISTI E ISSN 2346-8432 Print ISSN 1987-6890	Journal number 1 ∘ Nino Jerenashvili ∘ Covid 19s Impact on International Business 10.36172/EKONOMISTI.2021.XVIII.01.Nino.Jerenashvili Expanded Summary The whole history of mankind is connected with business. The activities of any human species, from plasma reaction research to Renaissance paintings, are related to business. Business is a necessary and inevitable component of human life; - Conflicts that arise in the field of business are a source of economic development; - Business - This is a historically constant event. Keywords: Pandemic; Covid 19; International Business; International trade; China International business and the environment in which international trade takes place. The forms of international business and the differences between domestic trade and foreign trade. Focused on the most pressing and pressing problem facing international companies and organizations around the world today. As an example, considered China, which needs to keep pace with current events so as not to lag behind in progress. Although there are strong obstacles it is important for other companies to follow suit, to maintain their own standard and place in the international market. In order to conduct international business it is necessary to take into account the environment, several business operations are underway. Various factors affecting international business by the international business environment. In order for a company to be successful in Internet that is yet to be well researched the existing business environment. Researchers distinguish between secondary and indirect impact environments. Factors that directly affect business operations, such as suppliers, consumers, legislators, competitors, etc., are considered in the context of direct impact. Indirect impact factors do not quickly affect the business, although their impact becomes apparent over time. These types of factors include the general economic situation of the country, technological progress, socio-cultural changes, etc The international business environment is divided into four parts, they are: environment Economic environment Social-cultural environment Information-technological environment COVID-19 has had the most significant impact on businesses in the hospitality and tourism sectors. Hotels, pubs, restaurants, and clubs worldwide have been forced to close their doors to guests to prevent the spread of the virus. Millions of jobs were cut, many independent companies went under, and billions of US dollars were lost due to canceled flights, vacations, and business trips. In May 2021, the UK announced its traffic light system for international travel, and though thousands of people have already taken advantage of it and been on vacation to countries on the “green list,” it is estimated that international travel will not return to pre-pandemic levels until at least 2025. The economic system is as diverse as politics, every country has individual problems and ways to solve this problem. The following criteria are used to evaluate the economic system: corporate ties, inflation, capital market conditions, intensity of competition, etc. In running any business, cultural differences must be taken into account, which distinguish the representatives of different countries from each other. Not knowing the cultural environment can reduce any profits. Today, the modern world is characterized by large-scale machine production, which allows mass production of products, as a result of which local markets are unable to fully assimilate the finished product, which in turn causes it to be exported abroad, which increases financial profits. Forms of International Business We know the following forms of international business: Export-import of goods and services; Foreign investment; Licensing; Business is a different kind of relationship in their field of activity, in which all the subjects participate in it in order to get their own desire. More than 200 countries around the world have reported cases of Covid-19 since 2020. The rapid and deadly spread of the virus required a national shutdown, which had a devastating impact on the economies of countries. Covid 19 has had the most significant impact on business in the hospitality and tourism community. Hotels, restaurants and clubs around the world have been able to expedite barriers to the spread of the virus. Millions of jobs were lost, an independent company disbanded, and billions of dollars in costs were lost due to canceled flights, vacations, and business trips. A closer look at the indicators reveals how fast the world GDP Mac quickly and up to the Covid-19 level, the international business landscape will change. Especially when comparing the pandemic and related effects on trade and the impact it has had on real investments, companies will build overseas operations to buy or reinvest. China's growing focus is geared towards multinational companies importing goods from Asian giants, and - in response to growing protection measures at home - may soon find domestic or at least alternatives that are closer. Gain great commodities and long-term economic partnerships.