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Part 1: 2024 in Review – Top 10 Global and Asian Highlights

GeneralDecember 16, 2024 10:00

Part 1: 2024 in Review – Top 10 Global and Asian Highlights

As 2024 draws to a close, it's the perfect time to reflect on the significant events and trends that have shaped the year and to look ahead at what 2025 may hold for businesses in Asia. This two-part blog series will provide a comprehensive review of the year gone by and offer actionable insights to help companies prepare for the challenges and opportunities of the year ahead.

In Part 1, we’ll highlight the top 10 global and Asian events that defined 2024, including the U.S. presidential election, advancements in technology, and economic developments across the region.

In Part 2, we’ll shift our focus to the future, discussing how businesses in Asia can strategically prepare for 2025 by leveraging emerging trends, tackling uncertainties, and staying ahead of the curve.
Let’s dive into Part 1!

Part 1: 2024 in Review – Top 10 Global and Asian Highlights

As 2024 comes to a close, it's time to reflect on a year that has been nothing short of transformative. From political shifts to technological advancements, this year has set the stage for what’s to come. Here are the top 10 highlights of 2024 with a focus on Asia and its intersection with global events:

1. U.S. Presidential Election

The U.S. presidential election in November 2024 resulted in a significant political shift, with President-elect Donald Trump taking office in January 2025. Policies on trade, climate change, and international relations are expected to impact Asia's economies, especially in sectors like semiconductors and green energy.

2. Growth of AI and Automation

AI adoption surged in 2024, with global spending on AI technologies reaching $154 billion, a 27% increase from 2023 (IDC). In Asia, countries like Singapore, South Korea, and China led the charge, integrating AI into healthcare, finance, and manufacturing.

3. Economic Recovery Post-COVID

Many Asian economies bounced back strongly in 2024. Vietnam's GDP grew by 7.2%, while India and Indonesia also reported robust growth of 6.4% and 5.3%, respectively. However, inflation and geopolitical tensions remained challenges.

4. Climate Change Commitments

2024 saw renewed global efforts to combat climate change. Asia led renewable energy investments, with China installing 320 GW of new solar capacity and Vietnam expanding its wind energy projects by 15% compared to 2023.

5. Shift in Global Supply Chains

The global supply chain continued to pivot away from over-reliance on China. Countries like Vietnam, India, and Malaysia became major players, with Vietnam alone accounting for 10% of Apple’s production base by mid-2024.

6. Rise of Digital Nomadism in Asia

Asia remained a hotspot for digital nomads, with countries like Indonesia and Thailand introducing new long-term visas. Reports indicate a 25% increase in foreign remote workers settling in Asia compared to 2023.

7. Geopolitical Tensions

The South China Sea dispute continued to make headlines, with increased diplomatic efforts to resolve conflicts. The ASEAN Summit in 2024 emphasised regional unity amid rising global fragmentation.

8. Innovations in Healthcare

Asia's healthcare sector saw advancements in telemedicine, gene editing, and AI diagnostics. Countries like Japan and Singapore introduced cutting-edge technologies, making healthcare more accessible to ageing populations.

9. Sports and Culture

Asia shone on the global stage, with Maximilian Maeder winning gold in kite surfing at the Paris 2024 Olympics. The rise of K-content, such as films and music, also reinforced South Korea’s influence on global pop culture.

10. Revival of Travel and Tourism

2024 marked a strong recovery in Asia's travel sector. Tourist arrivals to Japan reached 30 million, surpassing pre-pandemic levels, while Singapore hosted major global events, boosting its status as a business hub.

Stay tuned for Part 2, where we’ll explore practical strategies for companies in Asia to prepare for 2025, building on the trends and developments of 2024.

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References (For Both Parts)