The 4th IRCEB held online on the 26th-27th of October 2020. This event was hosted by the Faculty of Economics, Universitas Negeri Malang. The conference was held to build and expand the international collaborative network between academics, professionals, scientists and students, who came together to explore new advances in theoretical, experimental, and applied research on the conference’s topic: “The Potential Challenges and Prospects for Economics and Business in The New Normal.” 40 peer-reviewed papers were published within the topics such as how HR practices influence employee wellbeing, performance and turnover, how to maximize the impact of business marketing, and the factors that shape entrepreneurial motivation. Other papers focus on the context of COVID-19, for example investigating how best to design distance learning media to support students during COVID-19, and exploring strategies for how low-/middle-income countries and the industries within them can most effectively recover from the pandemic. There is also a strong social development contingent with papers discussing factors that influence poverty, the implementation of technology to enhance societal welfare, how social entrepreneurship can be fostered, and the importance of promoting a green economy.