MILLIRE ENG2024

Economic Outlook In 2024, the tight monetary policy stance maintained by major central banks for a significant part of the year exerted pressure on global economic activity. Nevertheless, notable disparities were observed across regional and sectoral economic performances. Inflation dynamics, geopolitical risks, structural challenges, and uncertainties have imposed constraints on growth potential. The US economy has maintained its relatively resilient outlook in parallel with the strong course of consumer spending, and has expanded by 2.8% in 2024. The European economy, on the other hand, continued its weak trend in 2024. Volatility in energy prices, subdued domestic demand, and low productivity limited the region’s growth performance. The weak performance of major economies, particularly Germany had a negative impact on overall growth dynamics in the region. The Euro Area recorded a growth rate of 0.7%. Asian economies, particularly India and Southeast Asian countries, have been recognized for their dynamic growth performance. On the other hand, the Chinese economy was unable to achieve a full recovery in 2024 due to the ongoing real estate crisis and weak domestic demand. Issues in the housing market have heightened concerns over financial stability and dampened consumer confidence. As a result, China’s economy lost momentum and expanded by 5% in 2024, a deceleration relative to prior years, diminishing its overall contribution to global economic growth. As inflation gradually moderated across many economies in 2024 and convergence toward targets began, central banks in advanced economies shifted toward interest rate cuts. The US economy maintained its relatively resilient outlook in 2024 in line with the strong course of consumer spending, while the European economy continued its weak course. GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION 49 2024 Annual Report