Mamedyarov Zaur
The Impact of the COVID-19 Pandemic on the Global Economy and Innovative Development
Publication Type:

ISSN 0869-0499

DOI: 10.31857/S086904990014436-1

The increasing complexity of trade and production chains in recent decades has brought the debate about their excessive length and the emergence of new risks for countries into focus. There are contradictory trends: on the one hand, the increasing digitalization of the global economy, on the other hand, the reduction of trade openness. The paper investigates the main ways of influence of the crisis caused by COVID-19 on the world innovation processes and globalization, and shows that world trade has recovered faster than the most optimistic expectations, presented in the acute phase of the crisis, and information and communication technologies have received a global impulse, surpassing the efforts of individual corporations to change the regulatory landscape of the world economy, which can further accelerate digitalization of the world economy. At the same time, the slowdown of globalization is not accompanied by a decline in innovation activity - the world economy is undergoing a structural transformation caused by the potential of information technology accumulated in the 2010s, and in the future, it is expected to increase connectivity within local regional trade and economic associations. The new stage of globalization is completely heterogeneous in its impact on countries and industries, the strengthening of trade confrontation and the potential for re-shoring is weakly visible even in the most knowledge-intensive industries, and becomes a bargaining chip in the development of promising breakthrough technologies and the formation of new industries. The advantage of multinational companies to develop innovations is reduced, the barrier to market entry for small innovative groups is reduced, and the role of state systems to support science is also reduced - increasingly these functions are taken over by the largest high-tech companies investing in research and development, university and independent scientific groups around the world.

Keywords: globalization | re-shoring | global trade | innovation | high-tech companies | high-tech |

Russian Science Citation Index


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