expanded at a slower pace compared with the same period last year due to a contraction in merchandise exports resulting from uncertainty in the trade policies of major countries and the Baht’s ongoing

global economy grew at a decelerating rate in 2019 amid uncertainty surrounding the US- China trade rift and concerns about Brexit which lingered throughout the year. The World Economic Outlook of the

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...

support of investment and private spending as well as bolstering opportunities for other economic sectors. Nonetheless, protectionism triggered by the US-China trade dispute dealt a blow to global economic

particular plummeted due to lockdown measures implemented in several countries, including Thailand. Worse, exports contracted as a result of the moribund economies of Thailand’s trade partners. At the same

implemented as planned, including the development of the Eastern Economic Corridor (EEC). Nevertheless, the Thai economy still faces major risks from external uncertainties in the US economic and trade policies

actual implementation of various projects will likely start from 2019 onward. Nevertheless, downside risks to exports likely stem from international trade disputes, particularly between the US and China

. These include uncertainties in US economic and trade policies, Europe’s ongoing regional political problems, and China’s economic restructuring. In addition, the increase in the federal funds rate and the

105 Branches 6 6 Corporate Business Center 8 8 Representative Offices 9 9 SME Business Center 2) 121 121 Electronic Banking Services Number of Units International Trade Service Center 58 58 Jun. 2017

comprising (a) investments in other companies (the “UE Group Companies”) (as detailed under “Details of UE Group Companies” in this clause 3.1, (b) receivables in relation to the loan provided by UE to the UE