. In 2018, the Thai economy has grown at a continuously solid level with a GDP expansion of approximately 4.1% YoY. The growth is attributed to a number of factors, namely 1.) strong export growth

decline in September 2.) growth in private consumption supported by higher household income in various sectors, including agriculture, and recovering consumer confidence, whilst inflation level also grew

. Most of CPN’s shopping mall maintained high level of occupancy rate given the short-term effect from mall under renovation. Including Central i-City, which was fully opened in June 2019, an average

trading partners, particularly China which may impose risks to the growth in exports 2) political uncertainties which may inhibit investments and consumptions and 3) high level of household debts still

the winter and the high oil price level. Whereas the Chinese government announced its third and fourth export quota for 2018, an addition of 1,740,000 Tons (14.45 million barrels), leading to an

. In addition, Gross Refinery Margin was still at the low level. This has affected the performance of the petroleum related business. However, demand for consumption of finished products see signs of

, consumer confidence depression and high level of household debt though, there was some spending of consumer goods from the COVID-19 pandemic distress. However, the government sector has launched remedial

of year 2019 to the level of 300,000 tons, which was due to the lower palm oil output at the end of 2019 and the higher crude palm oil (CPO) demand. It was the result of the government’s measures

- to-equity ratio and high current ratio. Global Green Chemicals Public Company Limited Management’s Discussion and Analysis | 3 Operating Performance Exhibit 1 : Consolidated Company’s Performance UNIT

also increase in line with the increasing in fuel material cost of natural gas. This is the mechanism of the price formula which had the intention to give natural gas power plant keep the level of gross