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Five macroeconomic themes for 2024

14 December 2023

Frances Donald, Global Chief Economist and Strategist

Alex Grassino, Head of Macroeconomic Strategy

In this 2024 Annual Outlook, Frances Donald, Global Chief Economist and Strategist, and Alex Grassino, Head of Macroeconomic Strategy, dive into the five major forces that will drive global economies and markets in 2024.

 

1. Darkest before dawn: Peak growth in this cycle is behind us.

A challenging year for growth

Technical recessions or not, 2024 will be a much more challenging year for growth globally compared with 2023. That economic hardship won't be felt equally across income groups or countries, with the United States more likely to withstand the tightening in the system relative to many other major economies as the country’s domestic focus, strong employment profile, and relative consumer health should all provide support.

Conversely, countries that are heavily exposed to international trade and constrained by their ability to borrow are likely to face significant headwinds during the first half of the year, with gradual improvement as central banks begin easing financial conditions. Indeed, 2024 won't feel anything close to the Roaring Twenties thesis that ran rampant from 2021 to 2023. While no cycles are equal, this environment prescribes late-cycle investing strategies, especially in the first half of the year. That said, for many economies, it's often darkest before dawn, and sometime in 2024, it will be time to think about the beginning of the next cycle. Jumping too prematurely on this eventual rebound, however, is dangerous, as troubled waters are still yet to be crossed.

Drivers of successful economies in 2024

  • Lower debt sensitivities—Countries with debt profiles (at the government, corporate, and consumer levels) that are either relatively unlevered or that have longer maturity profiles are likely to feel the pain of higher interest rates less acutely.
  • More fiscal room—Countries that have the scope to add in government stimulus as a countercyclical measure are likely going to be able to better mitigate the full effect of slowdowns than those that don't.
  • Less manufacturing export sensitive—We’re in an environment where key drivers of the business cycle have become desynchronized. Coming out of the pandemic, the focus has shifted from a goods-driven to a services-driven economy, with the manufacturing sector weakening materially. Consequently, economies that are dependent on manufacturing and the export of goods are likely to feel the brunt of a manufacturing slowdown more acutely.
  • Exports geared toward essential commodities—While the manufacturing impulse might have slowed materially, supply chain disruptions have left demand for core commodities at high levels. For example, climate and supply chain issues have left key crop prices high and have been a boon to exporters in those commodities.

2. Critical concessions: Central banks reluctantly move past peak rates.

The fight against inflation continues

A material and global disinflation took hold in 2023, but 2024 will likely show that the last leg of the inflation battle is more difficult—not just because year-over-year price growth will struggle to return to the post-global financial crisis/pre-COVID norm, but because central banks will, in our view, ultimately begin easing before inflation definitively returns to target, thereby risking a reacceleration in demand and a possible re-emergence of inflationary pressure.

Global rates are expected to fall in 2024 (%)

Source: National central banks, Macrobond, Manulife Investment Management, as of November 30, 2023. The gray area represents recession.

Central banks are faced with an uncomfortable predicament: Do they ease in the face of deteriorating growth despite the likelihood that inflation is still materially above target (and, in price level-terms, sizably higher than pre-COVID)? We expect that, ultimately, they'll either directly or indirectly concede that their blunt tools aren't the right ones to definitively address the current inflationary environment.

This realization will likely be driven by the very nature of present-day inflation: Central bank tools are designed to cool demand-driven inflationary pressure but are less effective against supply shocks, regardless of whether these shocks are caused by enhanced pandemic-related protocols, climate change, or geopolitical tensions. Certain central bankers have already conceded the point, outlining their constrained ability to countermand external shocks.

The consequence of this dynamic is that provided inflationary pressures aren’t an acute point of concern, policymakers are likely to relent in the face of weaker growth and choose to reduce restrictive policies in order to counterbalance a softening economy.

This trend will be especially true for central banks with dual mandates, such as in the United States or New Zealand, or in economies that, because of high amounts of leverage, are particularly sensitive to higher rates; Canada, with its levered consumer and expensive home prices, would be one such example.

However, it's important to note that there's a difference between normalizing policy toward more neutral levels (which would imply that monetary policy is neither restrictive nor stimulative) and switching to easing mode (which would create an environment in which low interest rates actually stimulated the economy). In this environment, we view this latter development as unlikely, especially with inflation still running above most central banks’ target.

Within this context, in which the limits of central bank policy become evident, we expect a growing dialogue around new non-traditional central banking tools such as central bank digital currencies and the use of targeted tools, such as those available during times of financial system stress. We also anticipate more focus on core central banking assumptions—from the appropriate neutral rate of respective economies to the concept of a 2% inflation target, which is used in many developed-market economies.

Key questions confronting central banks this year

Inflation targets: Is 2% the right target?

As economies slow at a faster pace than inflation normalizes, the pressure to ease current monetary policy stances will intensify. If the last leg down in inflation back toward traditional targets proves difficult to achieve, a growing chorus of voices could potentially call for lowering the bar to cuts by raising the inflation target.

Terminal rates: The post-COVID economy looks different: have we moved to a persistently higher interest-rate environment?

We suspect the answer to this question is yes, but admittedly, the bar to being in a higher-rate environment is extremely low, given that central banks kept policy rates at essentially zero for the better part of a decade, which we wouldn't expect to see again for some time, barring an acute crisis.

New tools: Are quantitative easing and tightening things of the past?

We doubt it. Quantitative tightening is still ongoing in many economies, including the United States. We tend to think of policies like this as akin to putting more tools in the toolbox, to be used as the situation warrants. That said, just because they’re available doesn’t mean they'd need to be used.

3. The big shift: From a demand-driven to a supply-driven world.

  • The drivers of our global economies (and the market implications of such) are shifting away from traditional demand-side factors and toward the supply-side influences of the world: Because of a shifting geopolitical environment, globalization has been replaced with friend-shoring/onshoring, climate events have translated into supply chain disruptions for key commodities, and post-pandemic policies have resulted in meaningful delays across supply chains. While the supply-side driver conversation has focused on inflation for much of the post-COVID period, it's bleeding across a wide range of core economic narratives, including labor markets and productivity, and will continue to do so in 2024 and beyond. We don’t necessarily view a more supply-dominant world as a one-way trade (although it's certainly structurally supportive of real assets), but rather that the relative importance of many indicators, economies, and politics will shift. Importantly, this will require careful assessment of traditional forecasting tools. It will also likely open up new investment opportunities: On a regional basis, any friend-shoring/onshoring efforts that would occur from strategic supply chain realignments could prove interesting, as could thematic investments that are more closely tied to strategic government priorities, such as green investment or defense spending.

Data that needs more focus in a supply-driven world

Labor shortages—An aging workforce could continue to affect employment dynamics in two ways: First, as the 55+ cohort approaches retirement the pool of available labor is affected; Second, the departure of more experienced workers could leave institutions with knowledge gaps.

Artificial intelligence—Expanded use of artificial intelligence (AI) could potentially lead to a productivity miracle similar to what was seen during the earlier days of the internet, where seemingly above-trend growth and modest inflationary pressure combine.

The weather—An increasingly important part of supply chain disruptions and corresponding price shocks are climate events.

Asset classes that could receive more investor attention

Strategic commodities—Raw materials that are either nondiscretionary (e.g., agricultural assets) or strategically important will be an area of focus.

Fixed income—Our base case is that while central banks ease, they don't lower policy rates to the point where they’re stimulative to the economy. This is at least partly because of incremental modest pressures caused by the realignment of supply chains. Consequently, with higher base-level yields, the return profile around fixed income is likely to be fundamentally different relative to other asset classes than it was in a zero-rate world.

Relative beneficiaries of supply chain realignments—With onshoring and friend-shoring becoming more pervasive structural factors in supply chains, countries that are deemed more secure are likely to benefit from continued foreign investment. Similarly, companies responsible for supporting onshoring initiatives are likely to benefit.

4. Out of sync: Desynchronization expands and accelerates.

  • While global desynchronization is now a well-understood macro theme, it often gets specifically viewed through the lens of U.S.-China economic decoupling or other measures of broad deglobalization forces. In 2024, we see these elements of global desynchronization accelerating but also expect to see other areas of uncoupling. For one, the global economy is still distorted by the COVID shock and the global manufacturing and services sectors are uncharacteristically disconnected: Manufacturing has experienced a period of weak or negative growth; it’s already evident in export-centric countries like Germany, which is already teetering on the edge of a recession. Conversely, while demand for services is moderating, it still remains relatively healthy: Spain is a good example. That’s problematic for forecasting models, but it may also present opportunities even as some areas of the global economy falter. We also expect that growth challenges in 2024 won't be distributed equally across economies or income groups, once again muddying the idea of a single, simple global economic forecast applicable to all. In 2024, we also expect to see more focus on intraregional stories. In addition to dynamics such as the European example above, the same general dynamics can be applied to the emerging markets: Certain countries are likely to feel the full impact of Mainland China’s structural slowdown and/or U.S. growth challenges differently.

Better understood areas of desynchronized growth

The divergence between goods and services—The manufacturing sector has already experienced a slowdown as a shift from goods to services has occurred. This is in part due to a shift away from using discretionary income on items back toward services such as vacations and dining out.

Timing around exiting lockdowns—Countries that took longer to emerge from restrictive lockdowns are still to varying degrees enjoying that post-opening surge, while regions that exited earlier are closer to normalizing. For example, even though it ultimately proved short-lived, China’s exit from lockdown conditions was the impetus for a short-term risk-on rally late in 2022 and in early 2023.

Less well-recognized areas of desynchronized growth

Long(er) and more variable lags—Market participants understand and expect that the global monetary policy tightening experienced over 2022 and 2023 should lead to a lower growth environment. What’s less clear is how quickly the full impact of those moves will be felt.

Labor market dynamics—Because of recent employer trauma around scarcity of labor, it’s possible that companies will go to greater lengths to retain workers even against a backdrop of slowing growth, which could in turn support the economy and extend the cycle.

What happens when policy eases? Several themes that dominated 2023, such as cash as an asset class and the bifurcation between U.S. new and existing home sales, were due to high policy rates. As central banks ease, the opportunity cost of certain decisions (refinancing a mortgage, flows into money market funds) will diminish, possibly reversing certain trends.

5. Fiscal dominance: Governments grow and become more disruptive.

  • The COVID pandemic and, more recently, the rise in fiscal stimulus unlocked a surge in global government spending, some of which was likely necessary and net positive and some of which was likely excessive and inflationary. In 2024, we expect the growing government share of spending in both individual countries and the world to become more prominent and structural. It will likely show more tangible impacts, including the disruptive nature of a significant increase in sovereign bond supply and the rising costs of large sovereign debt overhangs. Several major elections will become focal market events, decreasing visibility around key policy initiatives and increasing volatility: The Netherlands has recently undergone one such election, and the U.S. election in November 2024 is also likely to require a lot of attention. More strategically, countries with more fiscal room to support their economies through weak economic times will be advantaged, although how that government spending is dispensed (e.g., green spending versus defense spending versus direct redistribution spending) will matter.

 

Download full PDF

 

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Disclaimers

Manulife does not warrant this website for any particular purpose. It is provided "as is" and on an "as available" basis. Manulife disclaims, to the fullest extent of the law, any warranty of any kind, whether statutory, express or implied, as to any information, materials, content or matter provided at or through this website or otherwise relating to this website, including without limitation the implied warranties of merchantability, fitness for a particular purpose, non-infringement of third party rights, or freedom from computer virus or other malicious destruction or corrupting code, agent, program or macros. Use of this website is at your own risk.


Manulife and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

  1. any delay, termination, failure, defect, or interruption in the transmission of this website; 
  2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website; 
  3. any termination or interruption of your access to this website; 
  4. your reliance on or use of this website; 
  5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail; 
  6. any act or omission of Manulife in making this website available to you; or 
  7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Manulife or within the control of any other party providing software or services support for this website.


Manulife does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Manulife, you, or any third party. 

In no event will Manulife or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Manulife or any other party has been advised of the possibility of such damages.

 

Records

You acknowledge and agree that Manulife Singapore's records and any records of communications, transactions, instructions or operations relating to the operation of the website and any record of any communications, transactions, instructions or operations maintained by Manulife Singapore or by any relevant person authorised by Manulife Singapore relating to or connected with the website shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations. You agree that such records are admissible in evidence and that you shall not challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records merely on the basis that such records were in electronic form or were produced by or are the output of a computer system, and hereby waive any of your rights (if any) to so object.

 

Governing Law

These Terms shall be subject to, governed by, and construed in accordance with the laws of Singapore, and you hereby submit to the non-exclusive jurisdiction of the Singapore Courts.

 

Disclaimer (Singapore Investors)

 

Please read carefully these Terms and Conditions of Use (these "Terms") relating to access and use of this website. By clicking "accept" at the bottom of this page, you confirm that you agree to the Terms and Global Terms, and are an investor domiciled in Singapore. By clicking "accept" below, you also confirm that you consent to the setting of cookies on this machine to remember site preferences and track user activity. If you do not agree to be bound by or comply with the Terms or the Global Terms, or do not consent to the use of cookies, please do not access or use this website.
 

This website is operated by Manulife Investment Management (Singapore) Pte. Ltd. ("Manulife Singapore"), which is an entity regulated by Monetary Authority of Singapore. Manulife Singapore is a member of the Investment Management Association of Singapore (IMAS), and a fund management company included under the Central Provident Fund Investment Scheme (CPFIS).
 

Manulife Singapore reserves the right, in its sole discretion, to change, modify, add to, or remove portions of these Terms at any time. We suggest that you check these Terms periodically for changes. Any changes, modifications, or additions to, or deletions from these Terms shall be notified to you by, and effective upon, posting on this website. You agree that such notification of changes shall be sufficient notice for the purpose of this clause. If you use this website after we post changes to the Terms, you are deemed to have accepted the Terms as changed. If you do not agree to be bound by the changes, you shall immediately cease all access and/or use of this website. Manulife Singapore expressly reserves the right to monitor any use of this website.


You agree:- (i) to comply with all the notices, guidelines, rules and instructions pertaining to the use of the website as issued by Manulife Singapore from time to time and/or made available at this website, including all specific terms and conditions governing use of specific aspects of the website set out in any additional terms and conditions; (ii) to abide by all applicable laws and regulations in your use of the website; (iii) not to impersonate any person or entity or to falsely state or otherwise misrepresent your affiliation with any person or entity; (iv) not to upload or distribute in any way files that contain viruses, corrupted files or any other similar software, programs, macros or files that may impair or damage the operation of another's computer or handset; and (v) not to post, promote or transmit through the website any unlawful, harassing, libellous, harmful, vulgar, obscene or otherwise objectionable material of any kind or nature.


The information provided on this website is intended solely for use by Singapore residents and is not intended for distribution to, or use by, any person or entity in the United States, or any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Manulife Singapore (including its affiliates) (collectively hereafter "Manulife") or any of Manulife's products or services to any registration requirement within such jurisdiction or country. Nothing on this website shall be considered as a solicitation to buy or an offer to sell a security or service to any person. Manulife Singapore does not claim that any products or services referenced in this site are available in any particular jurisdiction or appropriate for any particular investor. If you choose to access this website from a location outside Singapore, you do so on your own initiative, and you are responsible for compliance with any applicable local laws. By proceeding you are representing and warranting that you are either resident in Singapore or the applicable laws and regulations of your jurisdiction allow you to access the information on this website.


Manulife Singapore may from time to time without giving any reason or prior notice, upgrade, modify, alter, suspend, discontinue the provision of or remove, whether in whole or in part, this website and shall not be liable if any such upgrade, modification, suspension or alteration to the website prevents you from accessing the website or any part or feature thereof. The information and/or any other material contained in the website may be modified, deleted or replaced from time to time and at any time in the absolute discretion of Manulife Singapore. Any changes, modifications, or additions to, or deletions from these Terms or Global Terms shall be effective upon posting on this website. If you access this website, including the country-specific sections, after changes are posted to the Terms or Global Terms, you further acknowledge the Terms or Global Terms as changed and agree to be bound by them.


You will indemnify Manulife and their officers, directors, employees and agents in respect of any third party claim for any injury, loss, damage or expense occasioned by or arising directly or indirectly from your use of this website or any information or content therein, and/or the use or supply of information to a third party provided in breach of any of your obligations under these Terms.

 

Limitation of Liability on System and Transmission over the Internet

Manulife, or any of their respective directors, officers, employees or agents shall not liable for any event of Force Majeure, any virus or other harmful component affecting the website or any server that operates it, any interception of data or communications in connection with the public nature of the internet, any problems or technical malfunction of any telephone network or lines, computer online systems, servers or providers, computer equipment, software failure of any email or entry to be received on account of technical problems or traffic congestion on the Internet, telephone lines or at any website, or any combination thereof, including any loss of opportunities or profit arising from any time delay, system disruption or interruption, transmission blackout, delayed transmission or any incorrect data transmission, or any injury or damage to the computer or other electronic devices or property of any person accessing their website or any other person related to or resulting from accessing the websites or downloading any materials from the website of Manulife Singapore or any third party.


Manulife, or any of their respective directors, officers, employees or agents shall not be liable for any and all losses, injury (including special, indirect and consequential losses), damages, rights, claims and actions of any kind resulting from accessing or downloading any materials from the website of Manulife Singapore or any third party, including without limitation, personal injuries, death and property damage.


Except as specifically set forth herein or where the law requires a different standard, we shall not be responsible for any loss, damage or injury or for any direct, indirect, special, incidental, exemplary, or consequential damages, including lost profits, arising from or related to the system, equipment, browser and/or the installation or maintenance thereof, access to or use of the website, failure of electronic or mechanical equipment, the internet, the system, or communication lines, telephone or other interconnect problems, bugs, errors, configuration problems or incompatibility of computer hardware, software, the internet, or the system, failure or unavailability of internet access, problems with internet service providers, problems or delays with intermediate computer or communications networks or facilities, problems with data transmission facilities or any other problems you experience due to causes beyond our control.

 

Intellectual Property

All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or used in conjunction with, this website are proprietary to Manulife, unless otherwise indicated. All intellectual property and proprietary rights in the content, including but not limited to text, software, code, scripts, webpages, music, sound, photographs, video, graphics, graphical user interface, forms, diagrams or other material contained in the website belong to Manulife or the applicable third party service provider unless otherwise indicated. Manulife reserves all rights with respect to intellectual property ownership of all material on this website, and will enforce such rights to the full extent permissible by law. The material accessible on or through this website is made available for personal browsing and printing purposes only. You may access material displayed on this website for your non-commercial use only provided that you also retain all copyright and other proprietary notices contained on the materials. Users of this website may not otherwise:

  1. copy, reproduce, modify, sell, republish, post, transmit, or distribute in any way material from this website without the express, written permission of Manulife; 
  2. use, copy, modify, or display any Manulife name, logo, text, or graphic image without Manulife's express, written permission;
  3. display any of the pages, text, images, or other content of this website using "framing" technology without Manulife's express written permission; 
  4. use or reproduce the pages, text, images, or other content from this website for any purpose other than browsing or printing for personal, non-commercial use only; 
  5. take any action to create an impression of affiliation, sponsorship, or endorsement between any user and/or website and Manulife; or 
  6. insert a hyperlink to this website (or any part thereof) on any other website or webpage or "mirror" any material contained on this website on any other server or establish and/or maintain, on any website or webpage, any in-links, frame-links and/or any other type of hyperlinks to this website or any part thereof.


The website may contain content posted, emailed or otherwise submitted by you and/or, in the case of the website, by other users of the website (“User Content”). Manulife Singapore has the right to access and examine any User Content and may in its absolute discretion move, remove or disable access to User Content or cause the same to be done. You grant Manulife Singapore a perpetual, irrevocable, royalty free licence to use, reproduce, modify, adapt, publish, translate, incorporate in other works, distribute and display any information posted, emailed or otherwise submitted by you, in whole or in part.

 

Computer Equipment, Browser Access and Internet Services

You are responsible for obtaining, installing, maintaining and operating all software, hardware or other equipment (collectively, “System”) necessary for you to access and use and access this website. This responsibility includes, without limitation, your utilising up to date web-browsers and the best commercially available encryption, antivirus, anti-spyware, and internet security software. You are additionally responsible for obtaining Internet services via the Internet service provider of your choice, for any and all fees imposed by such Internet service provider and any associated communications service provider charges. You acknowledge that there are certain security, corruption, transmission error, and access availability risks associated with using open networks such as the Internet and you hereby expressly assume such risks, including, but not limited to those we may disclose in our materials. You acknowledge that you are responsible for the data security of the Systems used to access this website, and for the transmission and receipt of information using such Systems. You acknowledge that you have requested access to the website for your convenience, have made your own independent assessment of the adequacy of the Internet and Systems and that you are satisfied with that assessment. Manulife Singapore is not responsible for any errors or problems that arise from the malfunction or failure of the Internet or your Systems nor are we responsible for notifying you of any upgrades, fixes, or enhancements to, or for providing technical or other support for your Systems. Although we may provide a link to a third party site where you may download software, we make no endorsement of any specific software, hardware or Internet Service Provider and your use of any such software, hardware or service may also be subject to the license or other agreements of that provider, in addition to these Terms of Use.

 

Hyperlinks

We do not recommend or endorse and accept no responsibility for the content of any website not operated by Manulife Singapore which you may visit by following a link from this website. You acknowledge and agree that Manulife Singapore is not responsible for the availability of such third-party sites or resources, and do not endorse, approve, investigate or verify, and are not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. You further agree that Manulife Singapore shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, products or services available on such external sites or resources. These links are provided as a convenience and solely for informational purposes. Manulife Singapore is not making any recommendation to invest in, purchase, or sell any securities or other products or services issued by the companies with the linked sites, nor has Manulife Singapore sought to verify or confirm the information contained in the linked sites. Accordingly, Manulife Singapore disclaims any responsibility for the linked sites.


No other website, without the prior written permission of Manulife Singapore, is authorized to link to any part of this website.

 

Investments

The contents on this website are for information only and without consideration given to the specific investment objective, financial situation and particular needs of any particular person and Manulife does not make any representation that the securities, investment products or services referred to, discussed on, or accessible through, this website are suitable for any particular investor. You should consider whether the security, investment product or service in question is suitable for you and may wish to seek professional advice before making a commitment to invest in any such security, investment product or to engage such service.
 

The contents on this website is not and should not be construed as being an offer to sell or a solicitation of an offer to buy any security or investment product that may be referred to, discussed on, or accessible through this website. Nor does this website constitute an offering or recommendation by Manulife of any security, investment product, investment management service, or advisory service. Manulife does not provide and should not be construed as providing investment advice, tax advice, or legal advice through this website, and you agree that this website will not be used by you for such purposes. You acknowledge that any requests that may be made by you for information on any security, investment product or service are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security, investment product or service.


Any forecasts or opinions set out on this website are Manulife's own as at the date of the relevant document and may change without notice and should not be regarded as a guarantee or indication of future or likely performance of the subject matter in question. Whilst Manulife believes that the information provided on this website is correct at the date of production, no warranty or representation is given to this effect and Manulife expressly disclaims liability for errors or omissions in such information. No reliance may be placed for any purpose on the information and opinions provided on this website or the accuracy or completeness thereof and no responsibility can be accepted by Manulife to anyone for any action taken on the basis of such information or opinions.


An offer of units in any fund referenced in this website may only be made in or accompanied by a prospectus and/or relevant offering document(s) in respect of such offer. The information and materials set out in this website is not to be taken as a substitute for the prospectus and/or offering document(s) of the relevant fund, as applicable, and you are advised to read the relevant documents (which are available and may be obtained from Manulife Singapore or any of its authorised distributors]) before applying for units in any fund.


Investments in any fund are not deposits in, guaranteed or insured by Manulife. The value of units in any fund and the income accruing to the units, if any, may fall or rise. Past performance is not necessarily indicative of future performance. You should be aware that investment in any fund involves financial risk and you may not get back the principal amount invested. Depending on your currency of reference, factors including but not limited to currency fluctuations may adversely affect the value of your investments and the income accruing there from.
 

On this website:

  1. The short name and full name of the following funds are as follows: Asia Pacific Investment Grade Bond Fund = Manulife Asia Pacific Investment Grade Bond Fund; Global Asset Allocation – Growth Fund = Manulife Global Asset Allocation – Growth Fund; SGD Income Fund = Manulife SGD Income Fund; Singapore Bond Fund = Manulife Singapore Bond Fund; Singapore Equity Fund = Manulife Singapore Equity Fund.
  2. The following are sub-funds of Manulife Global Fund:
    Asia Dynamic Income Fund, Asia Pacific REIT Fund, Asia Total Return Fund, Asian High Yield Fund, Asian Short Duration Bond Fund, Asian Small Cap Equity Fund, China Total Return Bond Fund, China Value Fund, Dragon Growth Fund, Global Climate Action Fund, Global Equity Fund, Global Multi-Asset Diversified Income Fund, Global REIT Fund, Healthcare Fund, India Equity Fund, Preferred Securities Income Fund, Sustainable Asia Bond Fund, Sustainable Asia Equity Fund, U.S. Bond Fund, U.S. Equity Fund, U.S. Special Opportunities Fund.
  3. The following are sub-funds of Manulife Funds:
    Asia Pacific Investment Grade Bond Fund, Global Asset Allocation – Growth Fund, SGD Income Fund, Singapore Bond Fund, Singapore Equity Fund.

 

Use of Email

The security of electronic mail sent through the Internet is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Delivery, and timely delivery, of electronic mail is also not guaranteed. Manulife therefore recommends that you do not send time-sensitive or action-oriented messages to us via electronic mail. Manulife may not, and is not obliged to, process your requests, orders, or instructions until Manulife can confirm your instructions or obtain appropriate written documentation where it deems necessary.


Manulife shall not be under any obligation whatsoever, express or implied, to reply to unsolicited correspondence, communications or email or to acknowledge receipt of the same.

 

Privacy and Data Protection

Your privacy is very important to Manulife. To the extent any information you provide or which we obtain from this website constitutes personal data, we have set procedures for the use of that information.


You agree that all information and/or particulars sent or submitted by you through the website is non-confidential and non-proprietary unless otherwise expressly indicated by you. You acknowledge that Manulife, its directors, officers, employees, contractors and agents shall not be subject to any confidentiality obligations in respect of any such information and/or particulars and you agree that Manulife, its directors, officers, employees, contractors and agents may, and you hereby authorise each of them to, use and to disclose such information to any person (including without limitation any third party service provider) in connection with Manulife's internal business purposes.


Without prejudice to the generality of the foregoing, you consent to the processing by Manulife of the personal data submitted by you through the website and/or created in the course of the business relationship with Manulife, and to the transmission of such personal data to other companies within the Manulife (by the internet or otherwise) for purposes connected with marketing and customer administration. If you do not wish your information to be used in this way, you should advise Manulife in writing.


If you have any questions on our data protection policies and practices, please write to us at our corporate address:

The Data Protection Officer
Manulife Investment Management (Singapore) Pte. Ltd.
8 Cross Street
#16-01 Manulife Tower
Singapore 048424

 

Disclaimers

Manulife does not warrant this website for any particular purpose. It is provided "as is" and on an "as available" basis. Manulife disclaims, to the fullest extent of the law, any warranty of any kind, whether statutory, express or implied, as to any information, materials, content or matter provided at or through this website or otherwise relating to this website, including without limitation the implied warranties of merchantability, fitness for a particular purpose, non-infringement of third party rights, or freedom from computer virus or other malicious destruction or corrupting code, agent, program or macros. Use of this website is at your own risk.


Manulife and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

  1. any delay, termination, failure, defect, or interruption in the transmission of this website; 
  2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website; 
  3. any termination or interruption of your access to this website; 
  4. your reliance on or use of this website; 
  5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail; 
  6. any act or omission of Manulife in making this website available to you; or 
  7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Manulife or within the control of any other party providing software or services support for this website.


Manulife does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Manulife, you, or any third party. 

In no event will Manulife or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Manulife or any other party has been advised of the possibility of such damages.

 

Records

You acknowledge and agree that Manulife Singapore's records and any records of communications, transactions, instructions or operations relating to the operation of the website and any record of any communications, transactions, instructions or operations maintained by Manulife Singapore or by any relevant person authorised by Manulife Singapore relating to or connected with the website shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations. You agree that such records are admissible in evidence and that you shall not challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records merely on the basis that such records were in electronic form or were produced by or are the output of a computer system, and hereby waive any of your rights (if any) to so object.

 

Governing Law

These Terms shall be subject to, governed by, and construed in accordance with the laws of Singapore, and you hereby submit to the non-exclusive jurisdiction of the Singapore Courts.

 

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