both domestic and international economic policies. Households’ purchasing power and debt servicing capability showed no sign of improvement. Under these circumstances, KBank put in place more stringent

easing COVID-19 situation with a rebound of foreign tourists which boosted Thailand’s economic recovery. Nonetheless, domestic demand stayed soft due to the global geopolitical conflicts that created

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 2/2020 09 - Refinery & Trading 14 - Marketing 16 - Power Plant 18 - Bio-based Products 20 - Natural

) Easing of the financial conditions – although the policy rate and interest rates have been at a low level but liquidity in the business sector is still at the low level especially for SMEs business. This

crowding-in of private investment. 3) Easing of the financial conditions – although the policy rate and interest rates have been at a low level but liquidity in the business sector is still at the low level

. The MPC deemed the easing in monetary policy since the beginning of the year, as well as additional fiscal, financial and credit measures, will help mitigate the effects of the pandemic and support

times its total foreign-currency-denominated debt. The Thai baht stood at 32.55 THB/USD at the end of 2018, easing by 0.75 percent from 32.31 THB/USD at the beginning of the year. On the domestic front

Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

rose by 5.5 percent to Baht 13.2 trillion (79.1 percent of GDP) as of the third quarter of 2019, weighed on household purchasing power. However, in the second half of the year, the government rolled out

as the rise of e-commerce and growing global supply chains, both of which limited the pricing power of domestic firms. As a result, Thailand’s nominal GDP increased by 6.3 percent, leveling at Baht