result, NESDB has revised its 2024 growth forecast to a range of 2.3%-2.8%. Key supporting factors include the ongoing recovery of the tourism sector, private consumption, and both public consumption and

The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 0 The opinions of the Independent Financial Advisor on the connected transaction by Thai Wacoal Public Company Limited Presented to Shareholders of Thai Wacoal Public Company Limited Prepared by 8 March 2019 This English report of the Independent Financial Advisor’s Opinions has been prepared solely for the convenience of foreign shareholders of Thai Wacoal Public Company Limited...

continuously improved, mainly due to a growing number of exporting goods by 10.9 percent. This expansion was said to be at the highest rate in 4 years. The private consumption has also increased with declining

.) growth in private consumption supported by higher household income in both agriculture and non- agriculture sectors along with recovering consumer confidence; 2.) solid performance in the tourism sector

policies of major countries and the Baht’s ongoing appreciation. However, the Thai economy has been supported by the expansion of private consumption, due to an increase in auto sales in the first half of

arrivals rose by 9.1 percent from the same period last year. Private consumption grew consistently in tandem with an improvement in private investment, particularly in export-oriented industries. Public

. While Q4/2018 was a high season for oil product consumption, and also a travel season, resulting in a higher domestic demand for fuel than in Q1/2019, and thus a slowdown in retail sales growth in this

investment is set to pick up in the next two years. Government capital expenditure in the 2018 fiscal year increased by 15 percent from the 2017 fiscal year to Baht 622 billion (approximately US $18.3 billion

from 2.3% in the second quarter of 2019, mainly driven by expansion of private consumption, government spending and tourism sector. Meanwhile, exports sector continued to contract caused by uncertainty

-year average of 68.0 percent. Consequently, employment contracted by 0.7 percent. Private consumption slightly softened due to stagnant farm and non-farm income growth. Moreover, household debt, which