Business
IMF predicts deeper global recession due to coronavirus pandemic
WASHINGTON (Reuters) – The coronavirus pandemic has caused wider and deeper damage to economic activity than first thought, the International Monetary Fund said on Wednesday, prompting the institution to slash its 2020 global output forecasts further.
The IMF said it now expects 2020 global output to shrink by 4.9%, compared with a 3.0% contraction predicted in April, when it used data available as widespread business lockdowns were just getting into full swing.
A recovery in 2021 also will be weaker, with global growth forecast at 5.4% for the year compared to 5.8% in the April forecast. The Fund said, however, that a major new outbreak in 2021 could shrink the year’s growth to a barely perceptible 0.5%.
Although many economies have begun to reopen, the Fund said that the unique characteristics of lockdowns and social distancing have conspired to hit both investment and consumption.
“We are definitely not out of the woods. We have not escaped the Great Lockdown,” IMF Chief Economist Gita Gopinath told a news conference. “Given this tremendous uncertainty, policymakers should remain vigilant.”
The IMF views the current recession as the worst since the 1930s Great Depression, which saw global GDP shrink 10%, but Gopinath said that the $10 trillion in fiscal support and massive easing by central banks had so far prevented large-scale bankruptcies. More support will be needed, she added.
Advanced economies have been particularly hard-hit, with U.S. output now expected to shrink 8.0% and the euro zone 10.2% in 2020, both more than 2 percentage points worse than the April forecast, the IMF said.
Latin American economies, where infections are still rising, saw some of the largest downgrades, with Brazil’s economy now expected to shrink 9.1%, Mexico’s 10.5% and Argentina’s 9.9% in 2020.
China, where businesses started reopening in April and new infections have been minimal, is the only major economy now expected to show positive growth in 2020, now forecast at 1.0% compared to 1.2% in the April forecast.
Reporting and photo: Reuters
Business
BBM’s ‘Studio of Culinary Excellence’ opens at MNU to bridge classroom, industry
Bestbuy Maldives (BBM) has donated a state-of-the-art model kitchen, named the ‘Studio of Culinary Excellence’, to the Faculty of Hospitality and Tourism Studies (FHTS) of The Maldives National University, with the facility officially opening today.
The Studio of Culinary Excellence is a modern, practical learning environment designed to provide students with hands-on exposure to the equipment, technology and working methods used in contemporary professional kitchens. Equipped with professional and industrial kitchen equipment as well as audiovisual facilities, the Studio will support practical culinary education, live demonstrations, chef masterclasses, workshops, industry training and knowledge-sharing.
The initiative was envisioned by Ismail Hilmy, Chairman and Managing Director of BBM, as part of BBM’s broader efforts to contribute to the long-term development of the Maldivian hospitality and culinary sectors. Rather than serving solely as a teaching kitchen, the Studio is intended to become an ongoing platform connecting culinary students with chefs, industry practitioners, emerging technologies and professional kitchen practices.

The project forms part of a series of BBM initiatives undertaken under its banner, “… because tomorrows start today”, reflecting the company’s belief that the strength of tomorrow’s hospitality industry depends on the investments made in people, skills and opportunities today.
“The Maldives has built one of the world’s most recognized hospitality industries, and its future will depend on the people we prepare today to lead it forward,” said AVS Subrahmanyam, Chief Operating Officer of BBM. “It is an investment in young people, in practical education and in the future capability of our culinary industry. Through our ‘… because tomorrows start today’ initiatives, we want to create opportunities that connect students and professionals with knowledge, technology and international expertise. We hope that this Studio will continue to serve generations of students, chefs and hospitality professionals for many years to come.”
Speaking on the partnership, Dr Shehenaaz Adam, Vice Chancellor of The Maldives National University, said: “At The Maldives National University, we place great importance on ensuring that our students have opportunities to connect their academic learning with professional practice. For our students, the gap between the classroom and a working resort kitchen has always been the hardest one to close. The Studio of Culinary Excellence closes it. Our students will now train on the same equipment, to the same standards, that they will meet on their first day in the industry. We are grateful to BBM for a partnership that goes well beyond a donation, and we look forward to the Studio becoming a place where the university and the industry learn from each other, share knowledge and contribute to the continued development of the Maldivian hospitality sector.”

Michelin-Starred Chef Romain Dupeyre Leads Inaugural Masterclass
As part of the inaugural programme, BBM is welcoming Chef Romain Dupeyre, Executive Chef and Founder of Racines in Hong Kong, to the Maldives to conduct the Studio’s first masterclass as part of the opening programme on 20 September.
The masterclass will provide FHTS students with an opportunity to learn directly from a Michelin-starred chef and observe professional culinary techniques first-hand. Chefs from across the Maldivian hospitality industry will also participate in the masterclass on an invitation basis.
A native of Nice on the Mediterranean coast of southern France, Chef Dupeyre began his professional culinary journey at the age of 15 as an apprentice at the two-Michelin-starred La Chèvre d’Or. His career later took him through Ireland, Paris, Melbourne and Bangkok before he moved to Hong Kong in 2019, where he led the kitchen at Petrus at Island Shangri-La.
He founded Racines in November 2022, building the restaurant around the culinary traditions of southern France and the Mediterranean. Racines received its first MICHELIN star in 2024 and retained recognition in 2025 and 2026.
Chef Dupeyre’s cooking remains closely connected to his Provençal roots, including childhood dishes such as aioli and ratatouille, which Racines brings into a contemporary setting.
The masterclass reflects one of the central purposes of the Studio of Culinary Excellence: bringing international culinary expertise directly to Maldivian students and creating opportunities for knowledge exchange between students, chefs and industry professionals.

Investing in the People Behind Maldivian Hospitality
As a supplier and distributor serving resorts, hotels, restaurants and food-service businesses across the Maldives, BBM works closely with culinary teams and hospitality professionals throughout the country. The Studio extends this relationship beyond the company’s commercial activities into education and skills development.
For BBM, the opening of the Studio marks the beginning of an ongoing initiative rather than a one-off event. Through future masterclasses, workshops and industry collaborations, the company aims to establish the Studio of Culinary Excellence as a platform where the next generation of Maldivian culinary professionals can develop the skills and practical experience needed to pursue careers in one of the country’s most important industries.

BBM is a leading importer and distributor serving the Maldivian hospitality, food-service, retail and professional sectors. The company represents a portfolio of international brands and provides products and solutions to businesses across the Maldives.
Through its “… because tomorrows start today” philosophy, BBM supports initiatives focused on long-term industry development, professional growth and opportunities for the people and communities connected to the Maldivian hospitality sector.
Business
BBM Hulhumalé Phase 2 opening promotion winner receives Honda Airblade
Bestbuy Maldives (BBM) has presented a brand-new Honda Airblade motorbike to the winner of a lucky draw held to mark the opening of its newest wholesale outlet in Hulhumalé Phase 2.
The outlet, located at Lot 20286 on Nirolhu Magu, opened on 16 February 2026 as part of BBM’s expansion of its wholesale operations.
To celebrate the opening and thank customers for their continued support, BBM introduced a special lucky draw exclusively for customers who made purchases from the new outlet on its opening day.

Customers who purchased products during the opening were eligible to enter the draw, with a Honda Airblade motorbike offered as the grand prize.
The lucky draw was conducted on 13 August 2026, with Ibrahim Shifaz of Vagthun Vaguthah outlet selected as the winner.
Shifaz was recently presented with the ceremonial key to the Honda Airblade by AVS Subrahmanyam, Chief Operating Officer of Bestbuy Maldives.

The promotion formed part of BBM’s activities surrounding the opening of its Hulhumalé Phase 2 outlet, which provides customers with access to the company’s range of wholesale products from the growing residential and commercial area.
Bestbuy Maldives is a supplier and distributor serving businesses across the Maldives, including customers in the hospitality, food service and retail sectors.
Business
Football legends receive FIFA World Cup 2026 match balls signed by President Muizzu
Male’ Aerated Water Company (MAWC), the authorised bottler of The Coca-Cola Company in the Maldives, on Thursday hosted the Official FIFA World Cup 2026™ Match Ball Handover Ceremony, presenting Football Legends of Maldives with official FIFA World Cup 2026™ match balls signed personally by Dr Mohamed Muizzu, President of Maldives.
Held in partnership with the Ministry of Youth Empowerment, Sports and Fitness, the ceremony recognised former national footballers whose achievements, service and influence have helped shape football in the Maldives and inspired generations of players and supporters.
The Coca-Cola Company has been an official partner of FIFA since 1974, making it one of the longest-standing partnerships in the global sport. For MAWC, the handover brought that global partnership to life locally by connecting the FIFA World Cup with people who have contributed to Maldivian football history.
As the sole authorised Coca-Cola bottler in the Maldives for over 35 years, MAWC has supported local sport through partnerships, campaigns and community initiatives. The ceremony continued that commitment by recognising the legacy of players who represented the Maldives and contributed to the growth of football in the country.
“Maldives’ football legends have given generations of supporters moments of pride and have played an important role in shaping the country’s sporting history. At MAWC, we believe recognising their contribution is as important as supporting the next generation. Through our partnership with Coca-Cola and FIFA, and in collaboration with the Ministry of Youth Empowerment, Sports and Fitness, we are honoured to celebrate their legacy. These match balls are a token of our appreciation for what they have given to Maldivian football,” said Milind Derasari, Chief Operating Officer, MAWC.
Adding to the excitement of the football season, MAWC ran a nationwide FIFA World Cup 2026™ consumer promotion from 21 March to 24 May 2026. Eight winners received an all-expenses-paid experience for two to attend a FIFA World Cup 2026™ match. Hundreds more won Coca-Cola branded merchandise and other prizes during the campaign, bringing the excitement of the world’s largest football tournament to consumers across the Maldives.
MAWC remains committed to building partnerships that support the development of sports across the Maldives, working with the Government of Maldives and other partners.
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