GLOBALISATION IN THE ERA OF COVID-19 PANDEMIC AND POST-PANDEMIC PERIOD

Abstract

Although Covid-19 pandemic and consequential “lockdowns” resulted in inward orientation of countries, international relations and international cooperation are as important as ever. This paper analyses the impact of Covid-19 on different globalisation aspects, from multilateralism and regional economic integrating, over international trade, global value chains to foreign direct investment and inequality. The aim of the analysis is to provide an overview of globalisation pace in the era of Covid-19 and in the post-pandemic period, due to the fact that pandemic changed and disrupted many globalisation aspects on one hand, and forced countries to implement different policies and activities in order to support their economies in this specific crisis, on the other hand. Functioning of global value chains was aggravated and consequently, different market effects occurred. International institutions also experienced challenges in “leading” the response to Covid-19 pandemic, which could put forward some lessons on the importance of global institutional framework. Understanding the effects of Covid-19 pandemic on different globalisation features is the basis for developing approaches and measures for recovering and improving economic performance and global position of countries, as well as for developing and modifying global institutional framework.