Business
Euro zone outlook gets slight boost from EU stimulus deal: Reuters poll
BENGALURU (Reuters) – Euro zone economic growth next year will be slightly stronger than previously thought, according to a Reuters poll of forecasters taken after European Union leaders agreed on 750 billion euros to support economies ravaged by the coronavirus.
But economists surveyed July 22-28 also concluded it would take two or more years for euro zone gross domestic product to reach pre-COVID-19 levels, despite trillions of euros of stimulus from the European Central Bank and governments.
The deal, which was not unexpected but was decided earlier than many analysts had anticipated, will bring the EU to the capital markets as a borrower for the first time. But that economic stimulus won’t be felt until 2021.
About three-quarters of economists, or 29 of 38, said their confidence around the prospects for euro zone economies from next year onward had improved, including three who said it had significantly improved. But for now, they only marginally upgraded their growth forecasts.
“While the size of the fund is not large enough to be a game changer from a macroeconomic perspective, common issuance of this magnitude of debt is a historic step for Europe and represents a pivotal change in the way the EU tackles crises,” said Angel Talavera, head of European economics at Oxford Economics.
Despite a surge of new infections in Spain, an early epicentre of the pandemic that has prompted fears of a second wave of infections, the region has emerged from stringent lockdowns after having handled the pandemic better than the United States.
However, nearly 70% of respondents to an extra question, or 26 of 38 economists, said it would take at least two years for euro zone GDP to reach pre-COVID-19 levels. Not one said it would take less than a year.
The wider Reuters poll of around nearly 60 forecasters predicted the economy would shrink 8.0% in 2020, the worst year since the single currency was launched. That will be followed by a 5.5% expansion in 2021, unchanged from the previous poll.
The latest poll showed GDP shrinking 11.8% this quarter compared with the first three months of the year, better than the 12.2% contraction forecast a week ago. It is then forecast to grow at 8.1% in the current quarter and 2.8% in the next compared with 8.3% and 3.1% earlier.
In 2021, the economy is predicted to expand 1.4% in the first quarter, unchanged from the previous poll, followed by 1.1%, 0.8% and 0.6% in the second, third and fourth quarters, slightly better than median predictions for growth at 1.0%, 0.6% and 0.6% made just before the deal was agreed.
“Given the size and extent of the shock, it (the EU stimulus) can only smooth things out, not completely cancel any of the negative factors,” said Yvan Mamalet, senior euro area economist at Societe Generale.
“We will probably see some second-round effects like an increasing unemployment rate and corporate defaults when it becomes clear that some of the demand will never be recovered.”
Reuters poll graphic on the euro zone economic growth outlook: here
The euro zone’s two largest economies were forecast to make a sharper recovery in 2021 than expected in April, with Germany forecast to grow 4.7%, up from 4.4%, while for France 2021 growth was upgraded sharply to 7.3% from 4.2%.
The outlook for Italy, among the hardest-hit by the pandemic, was substantially brighter than in April, and is expected to grow 6.2% in 2021, up from previous predictions for an expansion of 5.0%.
As with most developed economies, the outlook for inflation has barely moved in recent months, expected to remain low. ECB rates are forecast to remain unchanged for several years.
Reporting and photo: Reuters
Business
Visit Maldives presents cultural, food festival to celebrate 2025
Maldives Marketing and Public Relations Corporation (MMPRC/ Visit Maldives) has announced the ‘Maldives Culture and Food Festival’, a two-day extravaganza showcasing the Maldivian cuisine, local arts and craft, and entertainment.
The festival will take place at Central Park, Hulhumale’, on New Year’s Eve, December 31st, 2024, and continue into New Year’s Day, January 1st, 2025, offering a unique and immersive experience for locals and tourists alike.
This exciting initiative by MMPRC is a collaborative effort involving key partners such as the Ministry of Tourism (MOT), Housing Development Corporation (HDC), MyHulhumale’, Business Center Corporation (BCC), Male’ City Council, Waste Management Corporation Limited (WAMCO), the Maldives Police Service, Maldives National Defence Force (MNDF), Public Service Media (PSM), Maldives Airports Company Limited (MACL), Dhiraagu, Ooredoo, Manta Air, Maldivian, Ace Travels, and Gulf Air. It promises a dynamic programme filled with performances, activities, and food stalls. Attendees will have the opportunity to savour authentic Maldivian dishes, explore traditional arts and crafts, and witness captivating cultural performances.
On December 31st, the festivities will begin at 20:00 with doors opening to the public. A spectacular drone show will be held, depicting a tourist’s journey through the beautiful Maldives. The evening will continue with captivating cultural performances including Boduberu performances, and “Dhafi Negun”. A New Year’s Eve countdown will also take place, culminating in a dazzling fireworks display to welcome 2025.
The celebrations will continue on January 1st 2025 from 16:00 to 22:00, with the festival reopening and featuring food and arts and crafts stalls. A range of family-friendly activities will be available, including a police and fire truck showcase, a climbing wall, a bounce house, and a Transformers display. Additionally, the festival will feature energetic Boduberu performances and an exciting Roboman showcase.
“MMPRC is proud to present the first Maldives Culture and Food Festival,” said Ibrahim Shiuree, CEO and MD of MMPRC. “This event is a key initiative to celebrate the achievements of the Maldives in 2024 and to promote the diverse cultural heritage of the Maldives while providing a memorable experience for locals and visitors. We invite everyone to join us in celebrating the Maldivian spirit as we bid farewell to 2024 and welcome the new year.”
Business
Barcelo Nasandhura Malé to open in Q1 2025
Barcelo Nasandhura Malé, the Maldives’ newest luxury destination, is set to open its doors in Q1 2025.
Located on the site of the former Nasandhura Palace Hotel, the property will become the largest hotel in the capital, Malé. With 136 elegantly designed rooms, including 95 with stunning ocean views, and 116 luxurious serviced apartments, Barcelo Nasandhura Malé promises a unique blend of sophistication, comfort, and convenience in the heart of this vibrant city.
Operated by the renowned Spanish hotel chain Barcelo Group, the hotel represents a significant expansion of the brand’s presence in the Maldives and beyond. Barcelo Group, known for its exceptional resorts, recently opened Barcelo Whale Lagoon Maldives in South Ari Atoll in August 2024, further solidifying its growing portfolio in the region. In addition to its Maldivian properties, Barcelo Group manages a range of high-profile hotels across the UAE, Thailand, and several European countries.
Barcelo Nasandhura Malé will feature an array of premium facilities, including four upscale dining outlets, a rooftop shisha bar, an oceanfront pool, a state-of-the-art gym, and a luxurious spa. The hotel will also boast 1,034 square meters of versatile MICE (Meetings, Incentives, Conferences, and Exhibitions) space, making it an ideal venue for corporate events and gatherings.
While some serviced apartments were initially intended for residential use, they will now be available for daily rental, offering guests enhanced flexibility and a wider range of accommodation options. Originally scheduled to open on December 1, 2024, the opening has been slightly delayed due to minor construction work. However, the team remains committed to ensuring Barcelo Nasandhura Malé is ready to welcome its first guests in Q1 2025.
Barcelo Hotel Group, awarded World’s Leading Hotel Management Company 2023 by the World Travel Awards, is the second-largest hotel chain in Spain and ranks among the 30 largest globally in terms of the number of rooms. Founded in 1931, this family-run organisation operates 280 four- and five-star city and holiday hotels, offering more than 62,000 rooms across 25 countries. The group markets its hotels under four distinct brands, each focused on providing diverse and memorable travel experiences.
Renowned for its commitment to excellence and sustainability, Barcelo Hotel Group delivers exceptional stays, seamlessly blending luxury, comfort, and environmental responsibility.
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Denise Hoefer brings world-class Padel to The Nautilus Maldives
As part of its ‘Masters for Masters’ series, The Nautilus Maldives will host Denise Hoefer, Germany’s No. 1 padel player and one of the world’s top 50 most influential figures in the padel industry, for an exclusive Padel Masterclass from March 22 to 25, 2025. This exceptional event invites guests to enhance their padel skills under the expert guidance of a global champion, all set against the stunning backdrop of the Maldives’ Indian Ocean.
Padel, recognised as the world’s fastest-growing sport, has captured the hearts of 30 million enthusiasts globally, according to the International Padel Federation. This March, The Nautilus will provide a unique opportunity for guests to immerse themselves in this thrilling game during a four-day Padel Masterclass led by Denise Hoefer, Germany’s top-ranked female padel player and captain of the German national team. Participants will refine their techniques on The Nautilus’s state-of-the-art padel court, while experiencing the island’s signature blend of world-class coaching and timeless, unscripted hospitality.
The Padel Masterclass will feature a tailored mix of group and private sessions, catering to players of all levels. Younger participants will have the chance to join the Young Wonderers program, offering specially designed classes that introduce the sport in a fun and engaging way. After an energising day on the court, guests can unwind at Solasta Spa, where exclusive treatments by Maison Caulières—such as Spinal Connection Deep Tissue Healing, Volcanic Stone Therapy, and Warm Poultices—promise ultimate relaxation and rejuvenation. These tranquil spa experiences provide a perfect complement to the day’s dynamic activities, leaving participants refreshed and revitalised.
With just 26 ultra-luxury houses and residences, The Nautilus offers an intimate sanctuary within the Baa Atoll, a UNESCO Biosphere Reserve. Surrounded by powder-soft white sands, vibrant coral reefs, and crystal-clear waters, this private island retreat redefines bespoke hospitality. Every element is meticulously crafted to inspire, offering guests an unparalleled ultra-luxury experience focused on relaxation, renewal, and discovery. Whether honing padel skills or embracing the serenity of island life, The Nautilus stands as the ultimate destination for discerning travellers.
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