COVID-19 and the Changing Perception of Strategic Industries : Implications for International Business

Abstract

The COVID-19 pandemic has been referred to as one of the most significant health related crises in recent memory, which has also had significant economic and societal implications. Scholars suggest that defining strategic industries is rather difficult due to the fluidity of the criteria, which can be used to define them, as it tends to change. During the twentieth century, the most significant crises, having taken place globally, were World War I and World War II, as well as multiple influenza pandemics, of which the Spanish flu being the most severe one. The COVID-19 pandemic has brought a renewed focus on strategic sectors, which can have far reaching implications for international business. Despite all restrictive policies, discussed above, it is a well-known fact based on the outcomes of prior crises that in order to limit the negative outcomes of the pandemic, international cooperation and collaborations are fundamental among private sector firm, including multinational companies, global institutions and policy makers.