promotional activities of car manufacturers. Based on the Bank in-house research, new car sales for the year 2017 is projected to increase by 8.0% with total sales of around 830,000 units. In the equity market

headline inflation was projected to be around the lower bound of the inflation target. Overall financial conditions remained conducive to growth, despite pockets of risks to financial stability such as the

total tourist arrivals still exhibited a continuing decline of 4.3%. For the second half of 2019, the Thai economy is projected to remain subdued stemming from 4 risk factors 1) the continuing trade

a continuing decline of 4.7%. For the second half of 2019, the Thai economy is projected to remain subdued stemming from 4 risk factors 1) the continuing trade tensions between the US and trading

the momentum from the above mentions, the Thai economy in 2018 was expected to continue expanding which the Bank of Thailand projected to record growth of 4.1 percent (as of March 2018). However, the

the commercial vehicle segment growing at 22.4% and 14.4% respectively. The Bank in-house research projected the new car sales for the year 2018 to be around 925,000 units, a growth of 6.0%. In the

% respectively. The Bank in-house research projected the new car sales for the year 2018 to be around 986,000 units, a growth of 13%. In the equity market, the average daily turnover (SET and mai) for 2Q18

segment growing at 24.8% and 18.0% respectively. The Bank in-house research projected the new car sales for the year 2018 to be around 986,000 units, a growth of 13%. In the equity market, the average daily

segment growing at 22.8% and 18.1% respectively. The Bank in-house research projected the new car sales for the year 2018 to be around 986,000 units, a growth of 13%. In the equity market, the average daily

Limited Management Discussion and Analysis for the First Quarter Ended 31 March 2021 Page 4/19 In 2021, the Bank of Thailand projected the Thai economy to grow by 3.0% (as of March 2021). However, the