Business

Euro zone economic outlook steady but job recovery at high risk: Reuters Poll

Published

6 years ago

August 20, 2020

BENGALURU (Reuters) – A full bounceback from the euro zone’s deepest recession on record will take two years or more, according to a Reuters poll of economists who also said there is a high risk the job recovery underway reverses by the end of 2020.

Europe was badly hit earlier this year by the coronavirus pandemic, which has now infected more than 22 million people globally. But stringent lockdowns and contact tracing helped get the numbers down and allowed swift re-openings.

Along with trillions of euros’ worth of European Central Bank stimulus and a 750 billion euro European Union recovery fund that kicks in next year, sentiment has improved, and the economy is bouncing back along with the euro.

The consensus from the Aug 14-19 Reuters poll points to 8.1% growth this quarter compared with the previous one, easily the fastest on record, following a historic 12.1% contraction in Q2. That is unchanged from the July poll median.

In May, around the time lockdowns were lifted in most euro zone countries, the Q3 forecast was for 7.2% growth.

Quarterly growth will then slow sharply to 3.0% in Q4, slightly better than the 2.8% predicted last month and still a historically robust rate.

However, more than 70% of economists, or 25 of 35 who replied to an additional question, said it would take two or more years for euro zone GDP to reach pre-COVID-19 levels. Ten respondents said within two years and none said within a year.

“Despite the recent recovery in economic indicators, the better-than-feared performance of labour markets and the recent agreement on the Recovery Fund, we still see various downside risks to the economic recovery,” said Elwin de Groot, head of macro strategy at Rabobank.

“Although there have been encouraging reports with regard to a potential (COVID-19) vaccine by early 2021, as long there isn’t any effective one, containment measures will have to be kept in place regardless. A second series of partial lockdowns could have some serious economic effects.”

Around three-quarters of common contributors to this month’s and last month’s poll either lowered their GDP forecasts for the remainder of the year or kept them unchanged.

Asked to predict their worst-case scenario, the median response was 4.0% this quarter, much better than the 2.0% forecast in last month’s poll. But the worst-case view points to a 2.0% contraction in Q4, the most pessimistic yet for that period.

On an annual basis, the economy was expected to shrink 8.2% this year and then grow 5.5% next, or -10.3% this year and no growth in 2021 on a worst-case basis.

Much will depend on how the job market performs from now on.

Thanks to wide-reaching government furlough programmes that have helped businesses retain workers, euro zone unemployment has risen only slightly to 7.8% in July from 7.2% in February.

But about 85% of economists in the poll, 28 of 33 who responded to an additional question, said the risk the job recovery reverses by year-end was high, including four who said very high.

“Euro zone unemployment almost looks like a Cinderella story. With barely any increase in unemployment, it is currently the belle of the global labour market ball, at least compared to many other developed economies,” said Carsten Brzeski, chief economist, eurozone and global head of macro at ING.

“When the clock strikes midnight, however, and short-term work schemes come to an end, the fairy tale is unlikely to continue. We expect a second wave of job losses towards the end of the year and going into 2021.”

The jobless rate is expected to rise to 8.9% in 2020 and 9.3% in 2021, according to a July Reuters poll.

Inflation was not expected to touch the ECB’s target of below, but close to 2% through to 2022, according to the latest August survey. The ECB’s key interest rates are expected to stay on hold through the forecast horizon.

Reporting and photo: Reuters

Business

Feydhoo Hall opens at dusitD2 Feydhoo Maldives as new event space

Published

1 week ago

February 16, 2026

m@ldives

Dusit International, one of Thailand’s leading hotel and property development companies, has announced the opening of Feydhoo Hall, a landmark event venue at dusitD2 Feydhoo Maldives, redefining the possibilities for meetings, celebrations, and destination events in the Maldives.

Designed to bring scale, flexibility, and creativity to island gatherings, Feydhoo Hall represents a bold step forward in positioning the Maldives as a dynamic destination for conferences, weddings, and large-scale social occasions.

Feydhoo Hall offers a versatile event complex designed to accommodate a wide range of gatherings, from corporate meetings and conferences to weddings and social celebrations.

At its core is the 390 sqm Main Hall, capable of hosting:

Up to 300 guests in theatre-style setup
Up to 240 guests for dining and banquet-style events
Up to 200 guests for cocktail-style receptions
Up to 144 guests in cluster-round configuration

Enhancing the flexibility of the venue are additional dedicated spaces, including:

A 110 sqm Veranda Terrace, ideal for welcome receptions, breakout sessions, and pre-event gatherings, accommodating up to 100 guests for cocktail-style events.
A spacious 1,000 sqm Lawn Space, perfect for large-scale outdoor celebrations, destination weddings, and open-air events, accommodating up to 400 guests for cocktail receptions and up to 350 guests for dining setups.
The 55 sqm Ekugai Meeting Room, designed for smaller meetings and executive sessions, accommodating up to 30 guests in theatre or dining setup and 24 guests in cluster-round format.

Together, these integrated spaces create a seamless indoor-outdoor event experience, allowing planners to design dynamic and personalised event journeys.

True to the dusitD2 brand’s lifestyle-driven philosophy, Feydhoo Hall introduces a fresh approach to meetings and events — where productivity meets creativity in an inspiring island setting.

The venue offers flexible meeting formats designed to suit different event needs, including:

Half-Day Meeting Package (4 hours) — ideal for focused sessions, executive meetings, and creative workshops.
Full-Day Meeting Package (8 hours) — designed for immersive conferences, extended workshops, and large-scale corporate gatherings.

These thoughtfully structured packages provide planners with the flexibility to create impactful and seamless experiences, whether hosting intimate strategy sessions or dynamic full-day events.

Located just seven minutes by speedboat from Velana International Airport, dusitD2 Feydhoo Maldives combines accessibility with vibrant lifestyle energy, offering event planners and guests a rare balance between convenience and tropical escape.

With the introduction of Feydhoo Hall, the resort strengthens its position as a versatile destination — not only for leisure travellers but also for international conferences, creative retreats, luxury weddings, and large-scale social celebrations seeking something refreshingly different in the Maldives.

Business

BBM expands retail presence with new Hulhumalé outlet

Published

1 week ago

February 16, 2026

m@ldives

Bestbuy Maldives (BBM) opened a new wholesale store in Hulhumalé Phase 2 on Monday.

The outlet is located on the ground floor of Lot 20286, Nirolhu Magu, and is intended to improve access to BBM’s imported goods for residents of Hulhumalé Phase 2 and for businesses operating in the area.

According to the company, the opening forms part of its plan to expand services closer to customers in line with population growth in Hulhumalé.

With the opening of the new store, BBM’s full range of imported and distributed products will be available at the Hulhumalé Phase 2 location. These include consumer goods from international brands such as Lifebuoy, Vaseline and Unilever.

The store will also stock wholesale food products from brands including Daily, Cavin’s and Redman.

BBM has supplied goods to resorts, hotels and retail outlets across the Maldives for several years.

Action

Ataraxis Grand & Spa hosts integrated work-and-dive corporate retreat in Fuvahmulah

Published

4 weeks ago

January 29, 2026

m@ldives

Ataraxis Grand & Spa recently hosted a week-long, closed corporate offsite in Fuvahmulah for a US-based artificial intelligence company, highlighting the island’s growing suitability for integrated work-and-experience retreats. The retreat brought a group of 36 international professionals to the property, which was reserved exclusively for the programme.

Designed as a private company offsite, the stay combined structured daily work sessions with guided diving and beginner-friendly surf experiences, creating a balanced format that blended focused collaboration with physical reset.

A notable component of the programme was dive training and certification. During the retreat, 17 participants completed their Open Water certification, while a further six undertook the Advanced Open Water course, with training and dives scheduled alongside work sessions as part of the integrated itinerary.

Throughout the week, participants worked on-site using dedicated shared spaces supported by reliable high-speed internet, allowing meetings, informal collaboration and scheduled activities to take place within a single, uninterrupted environment. This setup enabled teams to move seamlessly between work periods and organised ocean activities without leaving the property.

Fuvahmulah’s natural and operational advantages formed a key part of the retreat’s appeal. As one of the Maldives’ largest inhabited islands, it offers immediate access to pelagic dive sites, internationally recognised shark diving and surf breaks suitable for instruction, alongside the infrastructure required to support extended group stays.

The offsite reflects a growing preference among technology and knowledge-sector teams for small-scale retreats that prioritise concentrated work environments and team cohesion over traditional conference formats. Such programmes typically involve longer stays and higher per-capita spend, aligning with sustainable, quality-driven tourism models.

The retreat also demonstrates how locally operated properties such as Ataraxis Grand & Spa are supporting this shift by delivering unified environments where accommodation, workspaces, connectivity and curated experiences operate as a single programme rather than separate services.

As organisations continue to explore alternative formats for strategy sessions, team resets and creative offsites, Ataraxis Grand & Spa’s experience positions Fuvahmulah as an increasingly viable destination for integrated corporate retreats.

Ataraxis Grand & Spa offers work-and-dive retreat programmes in Fuvahmulah that combine accommodation, dedicated workspaces, high-speed connectivity and organised diving and surfing.