Prushkivska Emilia, Doctor of Economics, Professor, The Head of the Department of International Economic Relations, National University «Zaporizhzhia polytechnic», Zaporizhzhia, Ukraine

ORCID ID: 0000-0002-4227-8305
e-mail: em.prushkovskaya@gmail.com

Scherbanyk Anna, bachelor, National University «Zaporizhzhia polytechnic», Zaporizhzhia, Ukraine

ORCID ID: 0000-0001-6765-0065
e-mail: annascherbanyk@gmail.com

The Impact of Global Issues of Humanity on International Business Development

Abstract. Introduction. The development of the international business depends on various forms of world economic relations, as well as on the institutional environment of each country, the processes of the globalization. Global issues play an important role in the development of business and bring serious impact on it. It was revealed that the main problems and situations that require collective global efforts and on the course of which the development of international business depends are: the problem of human rights violations, in particular the problem of hunger, struggle for world leadership, arms race, global terrorism, pandemic, crisis of globalization, etc. Scientific views on the processes of international business development, corresponding to modern economic trends, is an approach based on the imbalance of world communications and globalization.

Purpose. This article describes the development of modern business under the effect of political, social and economic environments. The need for analysis of potential risks as one of the most important methods of crisis management in conditions of uncertainty is outlined.

Results. While assessing the impact of global issues on business performance, it was determined that international business is focused on global resources, and the goals of organizations are oriented on global business opportunities and threats. It is substantiated that, on the one hand, international companies are partially independent of global problems, since in most cases they have their own facilities for the production and sale of their goods, private research centers, but, on the other hand, international business partially assumes responsibility for solving the problems of mankind, support for the global environmental safety and human health. The dual nature of the influence of globalization on the development of international business is revealed. The focus is on the pandemic situation, which has diverted attention from global issues but has not helped find a solution. As a result, international business is experiencing a combination of two shocks: a drop in demand due to quarantine and a reduction in the supply of goods due to business shutdowns and logistic disruptions.

Conclusions. As a result, the formation, support and development of international business is influenced by various internal and external factors, both interdependent and independent. In addition, international companies need constant evolution to achieve a high level of development for the stable and smooth operation in all conditions. Global problems cannot be avoided, but their consequences can be minimized by promptly responding to global security and economic trends in key regions of the world. International business must focus on keeping its operations under despite the influence of the world’s problems. The ability to manage risk, respond to change in a timely manner and contribute to solving today’s problems are the main features of the business of the future.

Keywords: international business; global problems of humanity; globalization crisis; Human Rights; global terrorism; COVID-19.

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