Business
Pandemic drives broadest economic collapse in 150 years: World Bank
The coronavirus pandemic inflicted a “swift and massive shock” that has caused the broadest collapse of the global economy since 1870 despite unprecedented government support, the World Bank said Monday.
The world economy is expected to contract by 5.2 percent this year — the worst recession in 80 years — but the sheer number of countries suffering economic losses means the scale of the downturn is worse than any recession in 150 years, the World Bank said in its latest Global Economic Prospects report.
“This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges,” said World Bank Group Vice President for Equitable Growth, Finance and Institutions Ceyla Pazarbasioglu.
The depth of the crisis will drive 70 to 100 million people into extreme poverty — worse than the prior estimate of 60 million, she told reporters.
And while the Washington-based development lender projects a rebound for 2021, there is a risk a second wave of outbreaks could undermine the recovery and turn the economic crisis into a financial one that will see a “wave of defaults.”
Economists have been struggling to measure the impact of the crisis they have likened to a global natural disaster, but the sheer size of the impact across so many sectors and countries has made that difficult.
Under the worst-case scenario, the global recession could mean a contraction of eight percent, according to the report.
But Pazarbasioglu cautioned: “Given this uncertainty, further downgrades to the outlook are very likely.”
Meanwhile, a group of American economists who are the arbiters of when a recession starts and ends said Monday the United States entered a downturn in February, ending 128 months of uninterrupted growth, the longest streak in history.
Recessions typically are defined by several months of declining economic activity.
But the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER), a non-profit, non-partisan research organisation, called the current situation in the world’s largest economy “unprecedented” due to the severity of the drop in employment and production, even if it might turn out to be shorter than other recessions.
China still growing, barely
China is nearly alone in seeing modest growth this year. However the World Bank warned the depth of the slowdown in the world’s second-largest economy will hinder recovery prospects in developing nations, especially commodity exporters.
While China will see GDP rise just one percent, the World Bank said, the rest of the forecasts are grim: US -6.1 percent, eurozone -9.1 percent, Japan -6.1 percent, Brazil -8 percent, Mexico -7.5 percent and India -3.2 percent.
And things could get worse, meaning the forecasts will be revised even lower, the bank warned.
Though dramatic, the current forecast falls short of the Great Depression, which saw a global contraction of 14.5 percent from 1930 to 1932, while the post-war downturn in 1945-1946 was 13.8 percent, according to the World Bank.
But because of the pandemic there remain some “exceptionally high” risks to the outlook, particularly if the disease lingers and authorities have to reimpose restrictions — which could make the downturn as bad as eight percent.
“Disruptions to activity would weaken businesses’ ability to remain in operation and service their debt,” the report cautioned.
That, in turn, could raise interest rates for higher-risk borrowers. “With debt levels already at historic highs, this could lead to cascading defaults and financial crises across many economies,” it said.
But even if the 4.2 percent global recovery projected for 2021 materialises, “in many countries, deep recessions triggered by COVID-19 will likely weigh on potential output for years to come.”
Reporting and photos: AFP
Business
Hotelier Maldives GM Forum 2024 to host panel on leveraging Maldives’ unique selling points
The Hotelier Maldives GM Forum 2024, scheduled to take place on September 19 at CROSSROADS Maldives, will include a panel discussion, titled ‘Leveraging the Maldives’ Unique Selling Points.’ This session at the GM Forum, the largest gathering of hospitality professionals in Maldives, will focus on how the Maldives can maintain its position in the competitive luxury travel market by capitalising on its unique attributes.
The panel will be moderated by Aishath Ihuma, Director of Business Development at Reollo Investments. The discussion will feature a diverse group of experienced professionals from the hospitality industry, including:
- Rajesh Mehta, Chief Business Officer of Ooredoo Maldives
- Ibrahim Inad, Director of Sales & Marketing, Oaga Resorts
- Alexander Treager, General Manager of SAii Lagoon
- Andrew Jansson, Cluster General Manager of Centara Mirage Lagoon Maldives and Centara Grand Lagoon Maldives
The session aims to address several key questions surrounding the Maldives’ position as a luxury destination. Panelists will discuss what they believe are the top three unique selling points (USPs) of the Maldives, and how the country can differentiate itself from other luxury destinations within the Indian Ocean and beyond.
The discussion will cover marketing strategies for resorts to effectively showcase their unique offerings to attract high-end travellers, including the role of digital marketing. The panelists will share insights into the unique experiences and services that set their respective resorts apart and how they align with the luxury expectations of their clientele.
The session will also explore the challenges faced by resorts in maintaining and promoting their USPs and how the Maldives can overcome these challenges to continue attracting luxury travellers. Looking ahead, the panelists will discuss emerging trends in luxury travel and how the Maldives can adapt to stay ahead of the competition.
The discussion will conclude with closing remarks from the panelists, followed by an interactive Q&A session with the audience. This panel promises to provide valuable insights into how the Maldives can continue to thrive as a premier luxury destination.
This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.
Sponsors and partners of GM Forum 2024 include:
- Ooredoo Maldives: Digital Partner (Title Sponsor)
- Bestbuy Maldives (BBM): Silver Sponsor
- Dhivehi Insurance: Silver Sponsor
- Fuel Supplies Maldives: Silver Sponsor
- Maldives Airports Company Limited (MACL): Silver Sponsor
- Manta Air: Aviation Partner
- Male’ Aerated Water Company: Beverage Partner
- Atmosphere Wellness: Wellness Partner
- Souvenir Marine: Transport Partner
- Printlab: Printing Partner
- CROSSROADS Maldives: Venue Partner
- Lights Out: Coverage Partner
- Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event.
Etienne Ng, Regional Director for Southeast Asia at Weixin Pay; Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts; Mohamed Jailam, CEO and Managing Director of technology company Javaabu and Co-Founder of DhivehiGPT; and, Mohamed Mihad, Chief Commercial Officer at Maldives Airport Company Limited (MACL) will also be featured speakers.
The Hotelier Maldives GM Forum 2024, scheduled to take place on September 19 at CROSSROADS Maldives, will include a panel discussion titled, ‘Redefining the Luxury Travel Experience.’ The session at the GM Forum, the largest gathering of hospitality professionals in Maldives, will explore the evolving landscape of luxury travel, examining how luxury experiences are being redefined to meet the changing expectations of travellers.
The panel will be moderated by Reena Abdul Wahid, Communications Strategist at the Maldives Association of Tourism Industry (MATI). The discussion will feature insights from key figures in the travel sector, including:
- Solah Mohamed, Chief Operating Officer of Crown & Champa Resorts
- Abdulla Ghiyas, Chairman of Visit Maldives and President of the Maldives Association of Travel Agents and Tour Operators (MATATO)
- Ashwin Handa, Senior Vice President – Operations at Atmosphere Core
- Enver Arslan, Area General Manager at JOALI Maldives and JOALI BEING
The panel will begin by addressing the definition of luxury in today’s travel industry, with a focus on the key elements that distinguish a luxury travel experience from a standard one. The discussion will also cover the latest trends in luxury travel, including how technological advancements are influencing the sector.
Personalisation will be a significant topic, with panellists sharing examples of how their resorts are personalising guest experiences. The discussion will also delve into the alignment of luxury travel with sustainable practices, including initiatives implemented by the resorts to promote sustainability without compromising on luxury.
The challenges in maintaining and enhancing luxury standards will be another critical focus area, particularly in the context of meeting diverse expectations from guests of different cultural backgrounds. The session will conclude with panellists sharing their vision for the future of luxury travel and discussing how the Maldives can continue to position itself as a top luxury travel destination.
In the closing segment, panellists will offer advice to emerging luxury travel destinations looking to establish themselves in the market. They will also explore how industry stakeholders can collaborate to elevate the overall luxury travel experience in the Maldives. The session will include a Q&A segment, allowing the audience to engage with the panellists.
This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.
Sponsors and partners of GM Forum 2024 include:
- Ooredoo Maldives: Digital Partner (Title Sponsor)
- Bestbuy Maldives (BBM): Silver Sponsor
- Dhivehi Insurance: Silver Sponsor
- Fuel Supplies Maldives: Silver Sponsor
- Maldives Airports Company Limited (MACL): Silver Sponsor
- Manta Air: Aviation Partner
- Male’ Aerated Water Company: Beverage Partner
- Atmosphere Wellness: Wellness Partner
- Souvenir Marine: Transport Partner
- Printlab: Printing Partner
- CROSSROADS Maldives: Venue Partner
- Lights Out: Coverage Partner
- Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event.
Etienne Ng, Regional Director for Southeast Asia at Weixin Pay; Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts; Mohamed Jailam, CEO and Managing Director of technology company Javaabu and Co-Founder of DhivehiGPT; and, Mohamed Mihad, Chief Commercial Officer at Maldives Airport Company Limited (MACL) will also be featured speakers.
Business
Rajesh Mehta of Ooredoo to speak on hospitality efficiency at Hotelier Maldives GM Forum 2024
Rajesh Mehta, Chief Business Officer at Ooredoo Maldives, is set to deliver a presentation at the Hotelier Maldives GM Forum 2024, scheduled to take place on September 19 at CROSSROADS Maldives.
His presentation, titled ‘Managed Solutions: The Future of Hospitality Efficiency,’ will address the role of managed solutions in enhancing operational efficiency within the hospitality industry.
“As the digital partner of the GM Forum 2024, we are excited to share our insights on how managed services are transforming the hospitality industry. In today’s evolving luxury landscape, technology is at the heart of delivering personalised, seamless, and memorable guest experiences. I look forward to discussing how Ooredoo Maldives is empowering hotels and resorts with innovative ICT solutions that drive efficiency and enhance service delivery, setting new standards in luxury travel,” said Rajesh Mehta, Chief Business Officer at Ooredoo Maldives.
Ali Naafiz, Editor of Hotelier Maldives, commented on Mehta’s participation: “Rajesh Mehta’s presentation this year as well will provide valuable insights into how managed solutions can contribute to the efficiency and sustainability of the hospitality sector. The GM Forum continues to be a platform for such important discussions that impact the future of the industry.”
This year’s GM Forum, now in its eighth edition, will focus on ‘The Evolving Luxury Landscape’ in the Maldives. Industry leaders will discuss the future of luxury travel, including the new luxury traveller’s psyche, digital marketing, and sustainable practices. Topics will cover private islands, underwater experiences, and the opportunities and challenges faced by hoteliers in the country. The forum will feature diverse panels and interactive sessions, emphasising personalised guest experiences and local cultural integration. It aims to foster active participation and share innovative case studies from the luxury travel industry.
Sponsors and partners of GM Forum 2024 include:
- Ooredoo Maldives: Digital Partner (Title Sponsor)
- Bestbuy Maldives (BBM): Silver Sponsor
- Dhivehi Insurance: Silver Sponsor
- Fuel Supplies Maldives: Silver Sponsor
- Maldives Airports Company Limited (MACL): Silver Sponsor
- Manta Air: Aviation Partner
- Male’ Aerated Water Company: Beverage Partner
- Atmosphere Wellness: Wellness Partner
- Souvenir Marine: Transport Partner
- Printlab: Printing Partner
- CROSSROADS Maldives: Venue Partner
- Lights Out: Coverage Partner
- Associate Sponsors: Alia Investments, Villa Hakatha, GAGE, Wyntronix, Uniforms Unlimited and Spa Ceylon Maldives
John Bevan, CEO of dnata Travel Group, will be the keynote speaker at the event.
Etienne Ng, Regional Director for Southeast Asia at Weixin Pay; Malik Mohamed, Director of Business Intelligence at Pulse Hotels & Resorts; Mohamed Jailam, CEO and Managing Director of technology company Javaabu and Co-Founder of DhivehiGPT; and, Mohamed Mihad, Chief Commercial Officer at Maldives Airport Company Limited (MACL) will also be featured speakers.
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