MILLIRE ENG2024

Chairperson’s Message Relatively flat course in the global economy 2024 has been characterized as a year in which economic activity remained under pressure, despite the easing of global inflationary pressures. However, significant disparities were observed between regional and sectoral economic performances. It seems that the monetary tightening implemented in the post-pandemic period concluded with the interest rate cuts by the Fed (U.S. Federal Reserve) and the ECB (European Central Bank) in the latter half of the year. The United States has successfully maintained its growth trajectory despite the uncertainties posed by elevated interest rates and electoral dynamics, largely due to the robust nature of domestic consumption. In EU countries, however, the targeted momentum in demand has not been realized, and structural issues stemming from low productivity continue to have an impact. China, recognized as the largest economy among developing countries, failed to achieve the expected growth momentum due to weak domestic demand and challenges within the real estate market. It seems that the monetary tightening implemented in the post- pandemic period concluded with the interest rate cuts by the Fed (U.S. Federal Reserve) and the ECB (European Central Bank) in the latter half of the year. 10 MİLLİ RE