Changes and challenges during the pandemic in the business

Konul Aghayeva; Gulay Farrukhlu

doi:10.26906/EiR.2022.4(87).2795

Authors

Konul Aghayeva Azerbaijan University of Architecture and Construction, Azerbaijan State Economic University
Gulay Farrukhlu Azerbaijan State Economic University

DOI:

https://doi.org/10.26906/EiR.2022.4(87).2795

Keywords:

COVID-19, restriction, digitalization, business, economic

Abstract

The COVID-19 pandemic affected not only the economy, but the entire society. This led to drastic changes in the company's activities. The article shows the problems that arise in companies as a result of the COVID-19 pandemic. Thus, the pandemic has caused many businesses to face financial problems due to mass layoffs and company closings. Overall, it affected various industrial sectors. As COVID-19 created unprecedented challenges, companies had to adapt. The article identifies possible solutions to the problems faced by enterprises. Containment of the spread of the coronavirus had important consequences for sectors of the economy, both globally and nationally. In this regard, it was necessary to accelerate the development of technologies to reduce or prevent the negative effects of COVID-19. According to the study, the pandemic forced digitalization and required companies to restructure their business models in this direction. Investments in digital technology help companies make their countries more competitive.

Author Biographies

Konul Aghayeva, Azerbaijan University of Architecture and Construction, Azerbaijan State Economic University

Ph.D., Associate Professor

Gulay Farrukhlu, Azerbaijan State Economic University

Master Student

References

Available at: https://www.worldometers.info/coronavirus/

ILO. (2021). COVID-19 and the world of work. Available at: https://www.ilo.org/wcmsp5/groups/public/@dgreports/@dcomm/documents/briefingnote/wcms_767028.pdf

OECD. (2020). “Coronavirus (COVİD-19): SME policy responses”, Available at: https://www.oecd.org/coronavirus/policy-responses/coronavirus-covid-19-sme-policy-responses-04440101/

Gopinath G. "Limiting the Economic Fallout of the Coronavirus with Large Targeted Policies", International Monetary Fund, 2020.

BJIT (2020). Challenges of SMEs in this COVID-19 Global Pandemic. Available at: https://bjit.medium.com/challenges-of-smes-in-this-covid-19-global-pandemic-9d5ad80521ac

Verdiyev N., Məmmədov C. “COVİD-19 pandemiyasinin dünya və milli turizmə təsiri, post-pandemiya dövründə turizm sektorunun vəziyyəti”, İnnovasiyalı İqtisadiyyat və Menecment, No. 1, 2022, Bakı, 138-145.

Hacıyeva L. “Covid-19: Turizm sektorunda yaranmış problemlər və onların həlli yolları”, Bazar iqtisadiyyatinin inkişaf istiqamətləri, AUDİT, Vol. 4, No.30, 2020, səh. 56-68.

China Briefing. (2020). “COVID-19’s Grim Milestones: Impact on Business is Real but Opens Up New Growth Areas”. Available at: https://www.china-briefing.com/news/covid-19-impact-business-real-opens-new-growth-areas-op-ed/

Azərbaycan Həmkarlar İttifaqları Konfederasiyası. Azərbaycan Respublikasının Kiçik və Orta Biznesin İnkişafı Agentliyi, 2021.

EU4Business. (2020). Weekly Digest on Impact on SMEs in EAP. Available at: https://eu4business.az/en/news/weekly-digest-on-impact-on-smes-in-eap-10-july/

Gasimova N. “Assessment of Impact of COVID-19 on SMEs in Azerbaijan: Consequences and Perspectives”, CESD Press, 2022. DOI: https://doi.org/10.2139/ssrn.4173645

CESD Research Group (2020), “A preliminary assessment of the impact of the COVID-19 pandemic on Azerbaijani economy”. Available at: https://cesd.az/new/wp-content/uploads/2020/08/Impact-of-COVID-19-on-Economy-CESD-Paper.pdf

Contreras R.R. (2021). “COVID-19 and digitalization”, Publications Office of the European Union, Luxembourg.

Guo A., Guo H., Yang Z., Huang R. “The digitalization and public crisis responses of small and medium enterprises: Implications from a COVID-19 survey”, Frontiers of Business Research in China 14, 19, 2020. DOI: https://doi.org/10.1186/s11782-020-00087-1

Bartik A.W., Bertrandb M , Cullenc Z., Glaeserd E.L., Lucac M., and Stantonc C. “The impact of COVID-19 on small business outcomes and expectations”, PNAS, vol. 117, No.30, 2020, p. 17656–17666. DOI: https://doi.org/10.1073/pnas.2006991117

Boston Consulting Group. (2021). Overcoming the Innovation Readiness Gap. Available at: https://web-assets.bcg.com/93/a7/7d03fff34baa993929c81f220e72/bcg-most-innovative-companies-2021-apr-2021-r.pdf

Sostero M., Milasi S., Hurley J., Fernández-Macías E., Bisello M. “Teleworkability and the COVID-19 crisis: a new digital divide?”, Eurofound, 2020.

Amankwah-Amoah J., Khan Z., Wood G., and Knight G. "COVID-19 and digitalization: The great acceleration", Journal of Business Research, Vol. 136, 2021, p.602-611. DOI: https://doi.org/10.1016/j.jbusres.2021.08.011