SPECIFICS OF MANAGEMENT OF INTERNATIONAL CONTRACTS IN THE CONDITIONS OF COVID-19

Abstract

The article considers the trends of the COVID-19 pandemic impact on the economic activity of certain sectors of the economy, the consequences of quarantine restrictions in the national and world economy. The introduction of quarantine in the economic system provoked a decrease in purchasing power and income, there was a halt in transport and financial operations and communications, there was a need to develop social and medical spheres. There was a reduction in industrial production, small business and trade. Sectors of transport, tourism, hotel and restaurant business underwent crisis changes. This required a redistribution of capital and increased reserves. As a result, it was possible to reduce the rate of decline in key macroeconomic indicators. Some sectors of the economy in global challenges to refocus on digital technologies and successfully apply them. This provoked the development of the markets of online education, gambling, and e-commerce. Such changes have allowed the preservation of international contracts and economic relations. In addition, the current economic crisis has the specifics of a cognitive economy. this involves building direct links between the producer or seller and the end consumer. In the future, the management of international contracts in the post-crisis period will be based on digital communications, availability of IT technologies and logistics of product distribution, socio-psychological and institutional influences.

Keywords

• global economy
• national economy
• COVID-19 pandemic
• international contracts
• international economic communications