The impact of Covid-19 on Globalization and the changes that occur in Global Value Chains (GVC)

COVID-19 pandemic, identifies the aspects and drivers of globalization and the global value chain (GVCs), and based on this, aims to present new foreign economic policy directions for Korean companies. Research design, data, methodology : The core of this task is to look at the new international economic order in the post-pandemic era. And based on this, the tasks of globalization of Korean companies and global value chains (GVCs) are presented. To this end, we will analyze and look at the changes in the international economic order (recession of globalization) during the pandemic and seek directions for Korean companies to enter overseas markets. Results : The global value chain, which pursues production efficiency through international division of labor in the production process, has become a 21st century trade pattern as the entire production process can be monitored from geographically distant places thanks to advances in transportation, logistics, and information and communication technology. Conclusions : In response to uncertainty, companies must first maintain a carefully structured value chain. Secure more inventory (therefore, cost increases are inevitable) and then move toward establishing a supply chain (Web) that diversifies the production process (multiple sourcing) instead of a supply chain.