Compromising with de-globalization or seizing an opportunity? Implications of the COVID-19 pandemic for firms and governments

Abstract

This paper is an attempt to explore the responsive national policies and business strategies based on evaluation of the impacts of COVID-19. While the world economy is recovering from the pandemic, many business activities have been dramatically depressed. The tendency of deglobalization is emerging, accompanied by the digitalization of communication and transformation of industries. It is worth considering what measures should be taken in this dynamic global business environment, as well as providing recommendations for future economic development and strategic decision-making. The governments should take appropriate measures in a timely manner to respond to the environmental challenges and better adapt to the new world in the post-COVID-19 era. Multinational enterprises are supposed to adjust their business models and respond with advanced international strategies. The research method of the paper is the literature review, based on which we have systematically analyzed the dynamics of international business and the current situation of globalization. Also rational strategic options are proposed for governments and multinational enterprises to consider.