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As pandemic rages on, world economic recovery looks ever more shaky: Reuters poll

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BENGALURU (Reuters) – The world economic outlook has dimmed again, with still-rising coronavirus infections and the risk of renewed lockdowns increasing the chances that any rebound will reverse course, according to Reuters polls of over 500 economists globally.

Over 17 million people have been infected worldwide by the coronavirus and more than two-thirds of a million people have died. That has forced governments to impose strict lockdown measures to curb the spread of the virus, keeping citizens at home and businesses closed and spurring recessions that aren’t over yet.

Surging cases in the United States, where related deaths have surpassed 150,000, have led several states to reimpose restrictions. Most economists, long-term investors and even Fed Chair Jerome Powell have clearly said the economic outlook depends significantly on the course of the virus.

The Fed has pledged endless stimulus to support the world’s No. 1 economy, which was a major growth engine for the global economy before the pandemic and now risks being the biggest drag, sending the dollar to a two-year low.

With infections also on the rise elsewhere, including in Australia, India, Spain, and Brazil, economists again cut this year’s economic prospects in the July 3-29 polls which show the worst contraction on record for the world economy in 2020.

“We expect the economic reality of the virus to start catching up with businesses across the globe soon,” said Jan Lambregts, global head financial markets research at Rabobank.

“What we need is a vaccine or significant breakthroughs in medicines to decisively reopen our economies and restore business and consumer confidence – but there is no magic wand for the time being.”

Reuters polls since the start of the pandemic follow a pattern: repeated downgrades to the near-term outlook, with economists shifting an expected recovery in the second half of the year to 2021, flattening out an initial V-shaped assumption.

The global economy was expected to shrink 4.0% this year, or by about $3.4 trillion, roughly equivalent to wiping out the economies of Canada and Australia entirely. That is down from -3.7% predicted in June, the sixth consecutive downgrade to forecasts from 3.1% growth forecast in January.

The world economy is expected to grow 5.3% next year, slightly less than the 5.4% predicted last month. But those expectations are based on the disease being contained, with widespread hopes of a vaccine sometime soon.

But under a worst-case scenario, it will contract 6.5% this year, much worse than the International Monetary Fund’s -4.9% projection, then grow just 2.0% next year.

“Over six months into the crisis, evidence is mounting that the global economy is likely to look lastingly different due to the pandemic,” noted Christian Keller, head of economics research at Barclays.

“Changes have been obvious in the attitude towards monetary and fiscal policy, but they also extend to global trade, supply chains, international travel and geopolitics.”

The economic outlook for the U.S., Canada, Britain, Japan and Australia was downgraded and expectations for 2021 growth are modest given the historic downturn expected this year.

Of all of the major economies, the proportion of forecasters who said the U.S. outlook had improved in the last month was, by far, the smallest.

For the euro zone, the outlook for next year onward got a slight boost after the European Union leaders agreed on a stimulus package of 750 billion euros.

Latin America are mostly still struggling, suffering historic recessions and either facing resurgent infections or still not getting the first round under control.

China, where the virus is thought to have originated, was expected to recover faster economically than others, even though it still relies heavily on exporting to the rest of the world.

Asked how the recovery outlook had changed over the past month, three-quarters of economists, or 183 of 244, said it had either stayed the same or worsened.

Just over half, 75 of 149, who responded to another question said it would take two or more years for GDP in the economies they cover to reach pre-COVID-19 levels. Sixty expected it would take at least a year or two and the remaining 14 said less than a year.

“Our forecasts point to a world which, by end-2021, has a level of activity that is not just well below its pre-pandemic growth trajectory but, in many cases, still below its end-2019 level,” noted HSBC’s global chief economist Janet Henry.

Reporting and photo: Reuters

Business

Atmosphere Core appoints Maurice Van Den Bosch as GM of RAAYA by Atmosphere, Milan Mookerjee as VP of Human Resources

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International hospitality company Atmosphere Core has announced the appointment of Milan Mookerjee as Vice President of Human Resources.

This appointment reflects Atmosphere Core’s ongoing commitment to enhancing guest experiences and fostering a people-centric culture across its portfolio of three brands and nine resorts.

Veteran Human Resources leader, Milan Mookerjee will oversee talent management and employee growth initiatives across the Atmosphere Core’s resorts in the Maldives. With over 15 years of industry experience, Milan is a seasoned professional known for aligning HR initiatives with business goals and fostering a human-centric culture.

Reflecting on his approach to human resources, Milan said, “Leadership is a privilege that we owe to our team. Intentionality with direction and purpose drives results, and I am committed to fostering a culture that empowers our people to grow and succeed. In hospitality, success begins with a motivated, engaged workforce, and I believe in creating an environment where employees feel valued, supported, and inspired to deliver exceptional guest experiences. This includes investing in continuous learning, nurturing talent, and promoting a strong sense of belonging within the team.”

Before joining Atmosphere Core, Milan served as Head of Human Resources and Training at Encalm Hospitality Pvt. Ltd., where he led HR and training functions to drive business growth. He has also held several HR leadership roles at prominent companies in India, with a proven ability to develop talent and design learning programmes tailored to business needs.

Meanwhile, Maurice Lucien Van Den Bosch recently returned to the Atmosphere Core family as General Manager of RAAYA by Atmosphere.

Born in Australia, Maurice Lucien Van Den Bosch draws from the country’s renowned laid-back yet dynamic culture in his leadership style, fostering a spirit of inclusivity, adventure, and warm hospitality. He brings over 24 years of expertise in resort management, with a demonstrated ability to exceed profit targets, cost-effectively develop new projects, and lead culturally diverse teams with motivation and efficiency.

Maurice’s extensive experience includes leadership roles at some of the world’s top hospitality brands in the Maldives, Sri Lanka and the Caribbean. A familiar face within the Atmosphere Core family, Maurice has served as General Manager at both OZEN LIFE MAADHOO and Atmosphere Kanifushi.

As the General Manager of RAAYA by Atmosphere, Maurice will leverage his deep understanding of the brand to lead the resort with a focus on anticipating, crafting, and elevating guest experiences. “The culture and hospitality inspired by the Joy of Giving resonate deeply with me, and this shared value brings me back to the Atmosphere family”, Maurice said. “At RAAYA by Atmosphere, we are creating a castaway island experience of choice, a guest experience like no other, with a fine balance of escapism and energy. And I look forward to foster a collaborative working environment so that we create unforgettable moments for our guests.”

Ashwin Handa, Senior Vice President of Operations at Atmosphere Core, emphasised the importance of a strong leadership team. “At Atmosphere Core, we foster a people-first culture built on trust, collaboration, and mutual respect, ensuring that every employee takes pride in their work. This dedication extends to curating experiences that guests cherish and return for. Maurice’s deep industry expertise and understanding of our brand, combined with Milan’s people-centric approach, will significantly enhance our operations and guest satisfaction across our resorts”.

Atmosphere Core is a dynamic international hospitality company with three distinctive lifestyle brands, THE OZEN COLLECTION, COLOURS OF OBLU, and Atmosphere Hotels & Resorts. The company operates nine resorts in the Maldives and has a strong pipeline of one resort in the Maldives, one resort in Sri Lanka, and fourteen hotels and resorts across India – all set to open within the next three years. Distinctive design, an authentic sense of place, inspiring service styles, and the freshest and finest cuisine lend a unique flavour to every Atmosphere Core property.

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Business

Maldives makes export of baled PET waste for recycling with support from The Coca-Cola Foundation

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The Coca-Cola Foundation and partners have announced that a container of baled post-consumer Polyethylene Terephthalate (PET) plastic was exported from Male as a part of Sustainable Island Waste Management and Plastic Recycling Initiative.

Completed on World Cleanup Day 2024, the event also marked the handover of The Coca-Cola Foundation (TCCF)-funded infrastructure, which includes pickups and balers, to the government-owned Waste Management Corporation (WAMCO).

The TCCF-funded initiative is a collaboration between the Maldives Ocean Plastics Alliance (MOPA), and WAMCO, and represents an important development to strengthen the PET collection process and address the issue of plastic waste in the Maldives.

This initiative will export baled PET to Malaysia and China for recycling. While PET bottles have been exported in the past, baling the waste significantly improves the efficiency of storage and transport, marking an advancement in the process.

The overall objective of the TCCF-funded Island PET Collection Project is to help provide a countrywide solution for plastic waste recycling in Maldives by establishing both the infrastructure and systems required.

Currently, much of the waste in Maldives is disposed of or incinerated in K. Thilafushi industrial island, and this project represents a shift toward better waste management practices.

The project focuses on expanding PET collection systems beyond Greater Male’, improving collection efficiency across the nation until local recycling capacity is developed.

“This project is a turning point for the Maldives in our fight against plastic waste,” said MOPA President Ahmed Maumoon. “By educating communities and aligning with national partners like WAMCO, we are not only improving how waste is managed today but also setting the stage for long-term sustainability and environmental health.”

By collaborating with WAMCO, MOPA has supported the roll-out of community education programs and has worked to ensure the infrastructure deployed with funding from TCCF, such as compactors and pickups are used effectively across Greater Male’ and across other islands.

“This initiative represents a crucial step toward improving plastic waste management and enhancing recycling efforts in the Maldives,” said WAMCO Managing Director Mujthaba Jaleel. “By equipping islands with the tools and infrastructure needed to collect and process PET waste, we are not only helping address the immediate challenge of plastic pollution but also building a foundation for a more sustainable future.”

WAMCO’s role is pivotal in overseeing the operational aspects of PET waste collection, ensuring that baling and export processes run efficiently.

“Our commitment to this project extends beyond waste collection,” said Carlos Pagoaga, President, The Coca-Cola Foundation. “By funding work of MOPA and WAMCO, we aim to foster a culture of sustainability in the Maldives and help support a circular economy.”

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Italian and Spanish media experience Maldivian paradise on exclusive journey with Atmosphere Core

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From September 28th to October 4th, 2024, Atmosphere Core hosted an exclusive media trip to the Maldives for ten prominent journalists and PR professionals from Spain and Italy. The group experienced the serene and captivating lifestyle of two stunning private islands—OBLU XPERIENCE Ailafushi and RAAYA by Atmosphere—both renowned for their distinctive hospitality, thoughtfully curated holiday plans, and the unique “Joy of Giving” philosophy.

“At Atmosphere Core, we believe in a more creative approach to media trips,” said Euan Blake, Assistant Vice President of Communications. “The Italian and Spanish markets have been expanding for the Maldives, with a notable increase in room nights and revenue compared to last year. Over the past two years, we’ve been building strong relationships in these regions, and this journey through our islands aims to leave journalists with not only cherished memories but also lifelong friendships.”

The trip began at OBLU XPERIENCE Ailafushi, a lively four-star resort just 15 minutes by speedboat from Velana International Airport. Journalists were welcomed with breathtaking lagoon views and vibrant social gatherings at the X360 Bar. A standout experience was the customised Martín Códax Wine Masterclass at the Element X restaurant, led by Ms. Celina, a representative of Bodegas Martín Códax, and Nicolas Laguette, Director of Wines at Atmosphere Core. Representing 600 winemaking families from northern Spain, Ms. Celina guided the group through an exquisite multi-course wine tasting, featuring a selection of wines perfectly suited for the tropical climate and fresh seafood.

This was followed by an unforgettable underwater dining experience at the Only BLU restaurant and a visit to the neighbouring “island of love,” OBLU SELECT Lobigili, where they enjoyed a chic lunch at Ylang Ylang. The island’s lively, party atmosphere provided the journalists with a full immersion into the vibrant and relaxing resort lifestyle.

Next, a scenic seaplane journey transported the group to RAAYA by Atmosphere—a picturesque escape offering a blend of fairytale island charm and authentic Maldivian experiences. The 45-minute flight over the stunning atolls’ turquoise waters set the stage for their arrival in paradise, presenting the perfect introduction to the Maldives’ breathtaking beauty.

At RAAYA, the journalists experienced an ideal mix of energy and tranquility. A private dinner atop a secluded watchtower, inspired by the legendary sailor Seb, captured the essence of the resort’s castaway theme. The group explored the island’s natural wonders, took part in customised activities, and dined at RAAYA’s signature restaurants, including Seb’s Shack, Ampers&nd, and the Italian-inspired The Village.

Throughout their stay at both islands, the media guests were treated to rejuvenating spa therapies and wellness sessions at ELE|NA Ayur, Atmosphere Core’s signature spa and wellness brand. This immersive journey offered the journalists a true taste of tropical luxury, intertwining indulgence and adventure into every experience. Their stories are sure to inspire countless Spanish and Italian travellers to discover the hidden treasures of OBLU XPERIENCE Ailafushi and RAAYA by Atmosphere firsthand.

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