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Research Project of BA School of Business and Finance: The Covid19 pandemic is driving a historic socio-economic transformation of society

Summary of LCS fundamental and applied research Project (FARP): “The Impact of COVID-19 on Sustainable Consumption Behaviors and Circular Economy” (No. lzp-2020 / 2-0317) implemented by a group of researchers from BA School of Business and Finance (Riga, Latvia), Liepaja University (Liepaja, Latvia) and Latvian Academy of Sport Education (Riga, Latvia).

Research Project of BA School of Business and Finance: The Covid19 pandemic is driving a historic socio-economic transformation of society

Dr. Liga Peiseniece opening the Conference

Summary of LCS fundamental and applied research Project  (FARP): “The  Impact of COVID-19 on Sustainable Consumption Behaviors and Circular Economy” (No. lzp-2020 / 2-0317) implemented by a group of researchers from  BA School of Business and Finance (Riga, Latvia), Liepaja University (Liepaja, Latvia) and Latvian Academ of Sport Education (Riga, Latvia).

Final conference- webinar : “Sustainable Consumption and the Circular Economy: Challenges as Opportunities”.

 Since December 2020, BA School of Business and Finance has been leading LCS fundamental and applied research  project “The Impact of COVID-19 on Sustainable Consumption Behaviors and Circular Economy” (No. lzp-2020 / 2-0317).  FARP duration is from the 1st of December, 2020  to the 31st of December, 2022. 

During the final phase of the research project a conference- webinar "Sustainable Consumption and the Circular Economy: Challenges as Opportunities“ was held on the 16th of December.

At the opening of the Conference the Rector of BA School of Business and Finance Dr. Līga Peiseniece evaluated the achievements of researchers:  "It is important for all of us to understand how the events of recent years have changed our lives, our working environment, public health and what challenges the pandemic makes as opportunities for future development. The implementation of this research is a testament to our talent. This was possible thanks to a good partnership between universities and student involvement”.

The final conclusions  of the  study were presented by  Project Coordinator  Dr. sc administr., Professor Inese Mavļutova:

• The challenges of a pandemic must be seen as an opportunity for the historic socio-economic transformation of society as a whole.

• Developing sustainability mechanisms in all areas of life is our main challenge.

• Every individual needs their own action plan - how to optimize consumption, promote the digital circular economy.

• Public digital services are widely available in Latvia, but we are currently lagging behind other European countries

• The use of telecommunications, the Internet and various digital technologies has grown rapidly in recent years, but many people need higher competencies.

• Modern financial literacy requires digital skills to drive smart and sustainable  investments

•  Private savings have been growing in recent years, but investment  is limited.

• Lifelong learning is a key action to improve financial literacy and well-being.

• Changes in the HR sector are expected, with an increase in the demand for employees with digital competencies and data analysis capabilities, as well as teamwork skills, leadership skills and creative thinking - robot and artificial intelligence can never replace such employees.

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