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Germany sees economy recovering faster than expected in 2020

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BERLIN (Reuters) – Germany expects the economic devastation caused by the COVID-19 pandemic to be less severe this year than originally feared, but sluggish foreign demand is likely to weaken the rebound in Europe’s largest economy next year.

Presenting the government’s updated forecasts on Tuesday, Economy Minister Peter Altmaier said a strong response from the state was helping fuel a quicker than expected recovery from the coronavirus shock.

“The recession in the first half of the year turned out to be less severe than we had feared,” Altmaier told reporters, adding that the worst was over for the economy.

“Overall, we can say that at least for now, we are dealing with a V-shaped development,” Altmaier said. He added that he did not expect authorities to impose another round of lockdown measures as in March and April.

Confirming an earlier Reuters report, Altmaier said Berlin had revised upwards its 2020 forecast to a decline of 5.8% from a previous estimate of -6.3%.

That would still represent the biggest economic slump since World War Two. The German economy contracted by 5.7% in 2009 as the global financial crisis unfolded.

For 2021, the government revised downward its growth forecast to an expansion of 4.4% from its previous estimate of 5.2%. This means the economy will not reach its pre-pandemic size before early 2022, Altmaier said.

The government expects exports to tumble by 12.1% this year before jumping by 8.8% in 2021. Private consumption is seen falling by 6.9% this year and then rising by 4.7% in 2021.

Suspending debt limits

The revised forecasts will form the basis of tax revenue estimates, which the finance ministry is expected to update next week. This will be followed by Finance Minister Olaf Scholz’s proposal for the federal government’s budget in 2021.

Scholz has already said he will ask parliament to suspend constitutionally enshrined debt limits next year so that the government can plan its 2021 budget with new debt as it sees necessary.

Germany’s Bundestag lower house of parliament suspended the debt brake in March and June to allow the government to borrow an additional 217.8 billion euros this year.

The government has launched an unprecedented array of rescue and stimulus measures since March to shield companies and consumers from the initial impact of the pandemic and help them recover as quickly as possible.

The economy contracted by a record 9.7% in the second quarter as consumer spending, company investment and exports all collapsed.

Germany fared better than some other euro zone economies, however. The French economy contracted by 13.8% quarter-on-quarter in the April-June period and Italy’s shrank by 12.8%.

The German central bank expects household spending to drive a strong recovery in the third quarter, helped by stimulus measures including a temporary cut in value-added tax. The Ifo economic institute predicts the economy will rebound with a quarterly growth rate of some 7% in July-September.

Reporting and photo: Reuters

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

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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.

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

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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.

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Redefining corporate retreats at Cinnamon Dhonveli Maldives

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MICE travel is undergoing a sea change—quite literally. No longer limited to traditional conference rooms and structured schedules, Meetings, Incentives, Conferences, and Events (MICE) are now about creating moments that inspire, rejuvenate, and bring teams closer together. At Cinnamon Dhonveli Maldives, the boundaries between business and leisure blur, offering a setting that transforms work into a pleasure.

Just a 20-minute speedboat ride from Malé, Cinnamon Dhonveli Maldives is the ideal destination for teams looking to escape the expected. Here, brainstorming sessions take place on powder-soft beaches, where the rhythmic waves set the pace for new ideas. Mornings might begin with yoga by the ocean, followed by strategy meetings in open-air pavilions. Afternoons invite collaborative workshops under swaying palms or team-building activities that include snorkelling, paddleboarding, or even a friendly beach volleyball match.

Dining at Cinnamon Dhonveli Maldives elevates every corporate event with fresh, sea-to-table cuisine, designed to fuel both body and mind. From curated group dinners under star-streaked skies to themed private banquets, every meal becomes an experience in itself. For those looking to celebrate milestones or reward top performers, the resort’s scenic locations offer the perfect backdrop for gala evenings or intimate cocktail gatherings.

Accommodation blends comfort with elegance, offering ocean-view suites and beachside retreats that allow participants to rest, recharge, and return with a fresh perspective. Despite the remote charm, connectivity is never an issue—seamless Wi-Fi and business-friendly amenities ensure that productivity doesn’t pause, even in paradise.

Cinnamon Dhonveli Maldives turns corporate travel into something memorable. Whether it’s a leadership retreat, a high-level conference, or an incentive escape, the resort offers a canvas for events that leave lasting impressions. Here, business goals are pursued in harmony with nature, creativity flows effortlessly, and the line between work and well-being fades.

Let your next MICE experience be more than a meeting—make it a journey worth sharing.

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