Enter The Year Of The Dragon With Forbes Asia’s February/March Issue

Welcome to the first issue of the year and also to the lunar new year, 2024 represented by the year of the dragon—considered the most powerful symbol among the 12 astrological signs. Some well-known leaders born in dragon years include Li Ka-shing and Jack Ma. Pundits say this can be a year of great change, and for strong leadership to make a difference. To that end, this year will be a year of elections, with roughly half the world’s population going the polls. Already, Indonesia has staged its vote, and the U.S. will come later in the year.

However, the dragon, since it has much power, can also create volatility. The old saying is that crisis creates opportunity, but what about volatility? Is there opportunity in volatility? The bottom line is 2024 may be a year of risk-on for the Asian, and global, business community. Japan and the U.K. are now in recession, growth in Germany and China lags, and the U.S. economy is raising red flags such as a slump in commercial real estate and below-average January retail sales.

This issue may give a hint of the dragon’s potential opportunities and risks. The cover story on Singapore Airlines details how CEO Goh Choon Phong used the pandemic’s downturn to allow the airline to rebound strongly in the recovery, as shown by recent record results. A historic deal in India, when closed later this year, should further cement the airline’s position as an aviation powerhouse with strong long-term growth prospects.

The other feature is on billionaire He Xiaopeng’s sky-high ambitions for China-based EV maker Xpeng to become a global industry leader, plans that include the announcement of launching a flying car within a few years.

Ambition is also not lacking in Edgar Sia II of the Philippines’ DoubleDragon (its two founders were born under the sign of the dragon). He has vowed to create one of the world’s largest hotel chains, with a half-million rooms—a number that only a handful of current chains can boast of.

Then there’s the Hong Kong’s 50 Richest list. Here the collective fortunes of this group dropped 9% to $296 billion since fortunes were measured a year ago, under the previous sign of the rabbit. Even dragon-year-born Li Ka-shing wasn’t spared, with his net worth down 7% to $36.2 billion (although he remains the list’s No. 1). Overall weakness in the Hong Kong and mainland China economies, including the property markets, was a big driver of the decline.

In the 50 Over 50 list for Asia, its members show women over 50 who are changemakers, and entering or in the midst of their most important stages of life and career. The dragon, it seems, cares more about results than age.

Thus, prepare for what may be a wild and volatile ride. The year 2024 presents both downside and upside risks, where conventional wisdom could be turned into mincemeat for the dragon’s next meal. As always, all comments welcome at editor@forbesasia.com. As always, all comments welcome at editor@forbesasia.com.