2024 UNFOLDED as a year marked by global turmoil and uncertainty: The war in Ukraine raged on, conflicts in the Middle East escalated, and Donald Trump’s unexpected return to the US presidency drove a hawkish shift at the Fed.
The global economy maintained steady growth, with inflation moderating and monetary policies beginning to ease in key markets.
South -east Asian central banks kept rates steady, closely monitoring their currencies while awaiting the Fed’s next move. The International Monetary Fund cautioned against over-reliance on US rate decisions, advising regional banks to focus on domestic price stability in their policy choices.
The Straits Times Index (STI) outperformed major global stock benchmarks on a dividend-inclusive total return basis. In US dollar terms, the index was up 19.8 per cent year on year. In comparison, the MSCI World Index was up 19.6 per cent on a dividend-inclusive basis.
