Authors :
OLUSEGUN OBASUN
Volume/Issue :
Volume 8 - 2023, Issue 3 - March
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
https://bit.ly/3z0qQiA
DOI :
https://doi.org/10.5281/zenodo.7762032
Abstract :
- Challenges to the international expansion of a
firm's business must be well understood and addressed.
They include country, political, and currency risks and
structural and employee capacity challenges. Recent
developments such as the rise of protectionism in mature
liberal markets, climate change, the novel coronavirus
(COVID-19) pandemic, and the ongoing Russia-Ukraine
war have escalated global business risks.
The impacts of the coronavirus pandemic over the
last two years and the ongoing Russia-Ukraine war have
had a debilitating impact on the global business
ecosystem, which the uncoordinated responses from
different governments have exacerbated. Foreign
companies operating in Russia have been forced to
suspend or exit the profitable Russian market by parent
governments, investors, and shareholders, even at a
significant loss, thus dampening the ability to compete
against peers. The actions taken could even lead to
permanent loss of market that they have striven hard to
acquire.
The coronavirus pandemic could be rightly called
an act of God since the world could not prevent its
spread. That cannot explain the current war situation in
Ukraine because the political actors' unwise decisions
are responsible for the severe losses and existential
challenges faced by international companies and the
global population. This paper discusses the impact of this
emergent risk to international businesses that the
Russia-Ukraine war has thrown up where a friendly host
country suddenly becomes an international pariah, and
business operations and survival now moved to the
vagaries of international politics.
- Challenges to the international expansion of a
firm's business must be well understood and addressed.
They include country, political, and currency risks and
structural and employee capacity challenges. Recent
developments such as the rise of protectionism in mature
liberal markets, climate change, the novel coronavirus
(COVID-19) pandemic, and the ongoing Russia-Ukraine
war have escalated global business risks.
The impacts of the coronavirus pandemic over the
last two years and the ongoing Russia-Ukraine war have
had a debilitating impact on the global business
ecosystem, which the uncoordinated responses from
different governments have exacerbated. Foreign
companies operating in Russia have been forced to
suspend or exit the profitable Russian market by parent
governments, investors, and shareholders, even at a
significant loss, thus dampening the ability to compete
against peers. The actions taken could even lead to
permanent loss of market that they have striven hard to
acquire.
The coronavirus pandemic could be rightly called
an act of God since the world could not prevent its
spread. That cannot explain the current war situation in
Ukraine because the political actors' unwise decisions
are responsible for the severe losses and existential
challenges faced by international companies and the
global population. This paper discusses the impact of this
emergent risk to international businesses that the
Russia-Ukraine war has thrown up where a friendly host
country suddenly becomes an international pariah, and
business operations and survival now moved to the
vagaries of international politics.