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

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4 years ago

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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

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Hotelier Maldives GM Forum 2024 to host panel on leveraging Maldives’ unique selling points

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16 hours ago

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September 17, 2024

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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.

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Hotelier Maldives GM Forum 2024 to host panel on ‘Redefining the Luxury Travel Experience’

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3 days ago

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September 14, 2024

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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.

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Rajesh Mehta of Ooredoo to speak on hospitality efficiency at Hotelier Maldives GM Forum 2024

Published

4 days ago

on

September 13, 2024

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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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