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Global Value Chains and New Challenges Facing the Global Economy

Author

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  • Viktor Nikolayevich Kirillov

    (State University of Management, Moscow, Russia)

  • Yana Vladimirovna Miller

    (State University of Management, Moscow, Russia)

Abstract

ITh is study examines and discusses the negative effects of the current global crisis on global value chains (GVCs), which are amplified by the uncertainty of international trade, the escalation of trade tensions between countries and the impact of digitalization. The traditional GVC model is undergoing a change, so there is uncertainty regarding application of off shoring and reshoring strategies by leading multinational companies. Due to the increased risks in the system of international economic relations, GVCs tend to be shortened, and this poses a new challenge for developing countries in the context of adjusting their strategies for integration into GVCs.

Suggested Citation

  • Viktor Nikolayevich Kirillov & Yana Vladimirovna Miller, 2021. "Global Value Chains and New Challenges Facing the Global Economy," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 2, pages 86-97, February.
    • Handle: RePEc:alq:rufejo:rfej_2021_02_86-97
    DOI: 10.24411/2072-8042-2021-2-86-97
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