causing exports to reduce from the previous year. The sale of goods to foreign countries has been affected by the continuous appreciation of the Thai baht. Domestic consumption remained stable. Although the

domestic tourists and earnings of Thai labor have declined while unemployment rate has been increasing. In addition, whilst private consumption shows some growth but limits in some areas; therefore

exports to reduce from the previous year. Furthermore, the sale of goods to foreign countries has been affected by the continuous appreciation of the Thai baht. Domestic consumption trend continues to

of the Thai baht and the intense competition which caused the exports to shrink from the previous year. Domestic consumption was also affected by high living expenses and household debt, as well as the

and we are seeing some volumes repatriated on the Thai market increasing domestic competition. Golden Lime Public Company Limited 4 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 JUNE 2019 3

is likely leaving its mark on the Thai economy. Private consumption growth moderated noticeably in Q1 while private investment fell, reflecting dampening domestic demand. Manufacturing output

products. For the domestic, the Lockdown measure from the Thai government resulted in the hypermarket stores such as Tesco Lotus, Big C, Home Pro, etc. that are the customers of the company necessary to

V3 10/05/61 16:26 น. 0 V3 10/05/61 16:26 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Thai Economy in the First Quarter of 2018 The Thai economy in the first quarter of

factors and business models. The overall economic growth in 2018 is expected to be 4.5 percent, driven by both domestic and external demand. Nevertheless, the Thai economy continues to face downside risks

Thai Baht’s rise. Meanwhile, domestic interest rates dropped across all maturities. The Monetary Policy Committee (MPC) resolved to slash the policy rate by 25 basis points in its August 2019 meeting