Resilient Growth Amid Global Shifts

In 2024, companies across Asia were caught between recovery, innovation and challenges driven by global and regional dynamics. While struggling with inflation, high interest rates and geopolitical uncertainties, many Asian economies rode out the storm with structural reforms, policy measures as well as technology growth in the economy. A number of countries faced strong consumer demand and economic momentum, including India, whose growth is based on infrastructure investments; and Taiwan due to its leadership in high tech semiconductor production. Optimism grew over tech hubs in Taiwan and South Korea as demand for AI related technologies continued to grow to help service Asia's growing role in global supply chains. For electric vehicles in South Korea, price pressures came from oversupply.

It was a tough year for China, with its sluggish property market and consumer sentiment limiting the broader performance of the economy. However, targeted policies to stabilize the real estate sector and spur high tech manufacturing did show some promise. Corporate governance and shareholder returns also improved in Japan, helping to boost investor confidence. Even though the macroeconomic environment remained broadly favorable for emerging markets, risk remained elevated, with interest rates and inflation still high. Compared to South Korea, Japan, and China, reforms that improve capital efficiency and shareholder value benefited companies. Yet, investment landscape became more volatile due to geopolitical factors — including election results in important markets. Overall, 2024 was a year of cautious optimism as Asian companies made their way through economic transitions, policy shifts and innovation driven opportunities to be in a good stead for sustainable growth in a world of global uncertainties.

It is with the view of staying updated with the emerging trends in the region’s business landscape that Asia Business Outlook has come up with a special issue containing stories of companies of the year that have demonstrated their capability through their expertise. To strengthen the business landscape with their tightly-knit and result-oriented approach, they are setting new standards of effectiveness.

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