Prior to the 21st century, many of the challenges facing global businesses revolved around how to mitigate business failure. In discussing both business ailments and remedies, a great deal of the literature rested on two fundamental assumptions: the increasing primacy of markets, and that much could be taken for granted about the global business ecosystem. Although the latter was not immune to periodic unexpected downturns, challenges took familiar forms (e.g. recessions), and a limited range of policy remedies, focusing on generous central bank interventions to support and sustain borrowing and relieve debt, seemed capable of restoring growth. Recent developments, including the rise of right-wing populism in mature liberal markets, climate change, and, most recently, the novel coronavirus (COVID-19) pandemic have challenged these assumptions. Although climate change may have greater long-term consequences, the COVID-19 pandemic has had more immediate effects on the global business ecosystem resulting into crippled business operations, unemployment increment, huge business losses due to lockdown. It has been observed that the coronavirus is constantly mutating leading to n number of waves. The third wave is about to hit India at any moment.
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