Page 7 - Demo

President%u2019s MessageSingapore%u2019s economy is highly dependent on both the US and China doing well, so these developments bode well for the local economic outlook. In the second quarter of 2024, the Singapore economy expanded by 2.9 per cent on a year-on-year basis, extending the 3 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 0.4% unchanged from the 0.4% expansion in the first quarter. For the first half of 2024, Singapore%u2019s GDP growth averaged 3% year-on-year. In short, the outlook for the rest of 2024 is positive.However, on the flip side are geopolitical risks, mainly originating in the Middle East, where there are concerns of the conflict spreading. There is also the still-unresolved war between Ukraine and Russia which has now dragged on for more than two years and disrupted many major supply chains. In addition, there is the upcoming US presidential election in November which has led analysts to try and figure out how markets might behave if either candidate wins.So far, markets have managed to shrug off these risks %u2013 over on Wall Street for example, the Dow Jones Industrial Average up to the end of September had set 33 all-time highs in 2024 alone.Investors, however, are advised to be vigilant and regularly monitor their investments. One way is by reading SIAS%u2019s weekly and monthly market reports and also by attending SIAS%u2019s online Weekly Market Reviews.Investors can also rest assured that no matter what the state of the markets, SIAS stands ready to provide support in terms of investor education, protecting the rights of minorities and ensuring companies practice the best possible corporate governance. It is what we have been doing for the past 25 years and will continue to do for the next 25 years and more.Thank you.725TH ANNUAL REPORT | 2023 - 2024