Business

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

Published

5 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

BBM: Stronger hospitality platform via Hotelier Maldives Awards, culinary development

Published

3 weeks ago

May 13, 2025

m@ldives

Since 1990, Bestbuy Maldives (BBM) has been at the core of the Maldives’ hospitality supply chain. More than a distributor, BBM has become a trusted partner in shaping talent, raising standards, and building long-term capacity across the industry.

That commitment continues in 2025 through its title sponsorship of the Hotelier Maldives Awards, and its growing investment in culinary development and cross-industry collaboration.

Supporting the Ecosystem, Not Just the Event

BBM is the preferred partner for over 60 international brands. However, its true value lies in how it supports the people behind the brands. From chefs and service staff to back-of-house professionals, BBM works across the sector to create real impact.

This year, the Hotelier Maldives Awards 2025 expands its recognition with four new categories:

Watersports Personality of the Year
Diving Personality of the Year
Airport Representative of the Year
Resort Manager of the Year

These additions reflect a simple belief. Everyone who shapes the guest experience deserves to be seen. Not just the visible few. Everyone.

Hotel Asia and the Rise of Culinary Confidence

For more than two decades, BBM has served as the main sponsor of the Hotel Asia Exhibition and International Culinary Challenge, endorsed by the World Association of Chefs Societies (WACS).

This platform has consistently raised the bar by bringing over 25 WACS A-Grade international jurors to the Maldives each year. Through this effort, local chefs get to test their skills on a global scale.

To further encourage excellence, BBM launched the Chairman’s Trophy, awarded annually to the most promising Maldivian chef:

2023 — Chef Mohamed Adhil
2024 — Chef Ahmed Mazim

Each name marks a growing movement. Maldivian chefs no longer compete to participate. They compete to win.

Backing Global Exposure for Local Talent

BBM has directly sponsored Maldivian chefs to represent the country at global events, including:

HOFEX 2017 in Hong Kong, where Chef Ahmed Fatheen and Chef Ismail Naseer earned silver
La Sial 2018 in Abu Dhabi, where Chef Mohamed Adhil won both gold and silver
FHA 2018 in Singapore, supporting emerging talent
Asian Pastry Cup 2018, where Chef Aminath Hameed was recognized as a pioneering female chef
Chinese Cuisine World Championship 2019, where Chef Ahmed Mazim won bronze
World Chefs Congress and Expo 2022, where BBM sponsored six MNU students under its Building Young Talent initiative

Creating Spaces for Knowledge Transfer

Beyond competitions, BBM hosts world-class chefs to lead pro bono Masterclasses, including:

Chef Bruno Ménard, holder of three Michelin stars
Chef Edwin Leow, gold medalist at the IKA Culinary Olympics

These sessions are designed to be open, practical, and rooted in the everyday reality of resort kitchens.

Recognition with Purpose

BBM’s sponsorship of the Hotelier Maldives Awards 2025 is part of a larger support system. These awards are not marketing. They are memories. They capture the faces, names, and efforts of those who make the Maldives one of the most admired hospitality destinations in the world.

“When people are seen, they rise,” said Ali Afrah Hassan, Head of HR, Admin, and Corporate Affairs at BBM. “This platform is our way of saying you matter. Not just once a year, but every day you show up to serve.”

Whether through product support, recognition, training, or infrastructure, BBM is building something larger than supply chains. It is helping shape the culture of Maldivian hospitality.

Business

Dubai Chocolate Brownies in Maldives: BBM, Dreidoppel conclude pastry tour

Published

1 month ago

May 1, 2025

m@ldives

BBM’s exclusive Dreidoppel Demo Tour, led by Master Pâtissier Frankie Robin, concluded successfully on Apr 30th, after a 10-day pastry training series across 15 leading Maldivian resorts that requested the training. Two city bakeries were also trained on the 30th. The initiative brought together global expertise and a strong commitment to raising pastry standards in the local hospitality industry.

This year’s sessions focused on practical pastry solutions using Dreidoppel’s premium ingredient range to create Panettone, Dubai chocolate brownies, Mousses, Crème Brûlée, Fill & Gloss applications, and Caramel Chocolate Snacks.

A standout feature of the tour was the passion shown by young chefs across the islands.

Chef Frankie Robin remarked, “What truly impressed me was how prepared and passionate the young chefs were. Their eagerness to learn, experiment, and take their skills to world-class standards made every session an absolute joy.”

Grounded in real kitchen challenges—speed, flavour, and efficiency—Chef Frankie’s demos showcased how smart ingredient choices can drive both creativity and performance.

A.V.S. Subrahmanyam, Chief Operating Officer at BBM, added, “At BBM, we believe in more than just supplying ingredients—we are committed to the professional growth of the industry. Collaborations like this empower culinary teams with global techniques and greater confidence.”

The tour reflects BBM’s ongoing efforts to strengthen the Maldivian foodservice industry through knowledge-sharing and access to world-class products.

Business

BBM brings Vaseline, Hellmann’s, BRU Coffee to Maldives market

Published

1 month ago

April 26, 2025

m@ldives

Bestbuy Maldives (BBM) extended their strong and decades old partnership with Unilever International, by adding to their brand portfolio – Vaseline, Hellmann’s, and BRU Coffee for the Maldivian market.

The collaboration was announced at a Business gathering held at the Manhattan Business Hotel, attended by over 300 trade partners from across Maldives.

With this partnership, BBM strengthens its retail offerings across the Maldives archipelago. Vaseline, a trusted name in skincare, and Hellmann’s, known globally for quality food products, will now be available through BBM’s distribution network.

“Vaseline is a name that generations trust for skin care. And Hellmann’s is a global icon in flavours. We’re proud to bring both to shelves across the Maldives and enrich everyday living for our customers,” said Muksith Hussain, Business Head – Retail.

In the hospitality sector, BBM introduces Bru Coffee as an addition to its HORECA (Hotel, Restaurant, Café) offerings. BRU Coffee provides a quality beverage option for hotels, resorts, and restaurants across the Maldives.

“BRU is one of the most loved coffee brands in the region. With this launch, we’re giving our hospitality partners a versatile product that delivers on both taste and reliability that can be consumed as a beverage and for the purpose of dessert preparation, something they can serve with confidence,” said Hisham Girsy, Business Head – HORECA.

The gathering served as a platform for BBM to engage with its valued trade partners and introduce these new brands to the market.

A.V.S Subrahmanyam, Chief Operating Officer at BBM, remarked: “BBM is built on relationships. This event reflects our commitment to not just introduce great products but to support, connect, and elevate our trade partners. We’re in this together, and the journey ahead is promising.”

As BBM continues to grow its portfolio and global partnerships, the focus remains clear delivering excellence, building trust, and shaping the future of trade in the Maldives.

Bestbuy Maldives (BBM) is a leading distribution company in the Maldives, connecting international brands with local businesses across retail and hospitality sectors. With a customer-focused approach and extensive distribution network, BBM continues to be a trusted partner in the Maldivian market.