partly due to the high base of last year. Public spending excluding transfers also declined from acceleration in disbursement during last year. Nevertheless, private consumption remains the key driver with
the tourism sector, political uncertainties and strengthening of the Thai Baht which may impact competitiveness in international trades. However, acceleration in public investment, fiscal stimulus
to sustain quality with optimization CAPEX this year is expected to be lower than in previous years, benefiting from the acceleration of the 700MHz 5G rollout in the prior year and leveraging TTTBB’s
expected to be lower than in previous years, benefiting from the acceleration of the 700MHz 5G rollout in the prior year and leveraging TTTBB’s larger broadband footprint. The optimized spending is in line
expected to increase further, following the acceleration in the disbursement on infrastructure projects. In addition, the development of the Eastern Economic Corridor (EEC) projects has been progressing
agricultural prices and job opportunities in the future. Government investment contracted after the acceleration in disbursement in the previous period. Meanwhile, private investment slightly contracted, partly
to small and medium-sized exporters, resulting clearer signs of acceleration in industrial production. In the meantime, private consumption only grew slowly due to weak overall household purchasing
capacity utilization following a steady contraction in export value. Meanwhile, public investment expanded as a result of an acceleration in disbursements by the government. Headline inflation in the second
“Asset management companies can now submit an application for approval of SSF establishment from 3 February 2020 onwards. SEC will speed up the approval process. In this regard, investors should