strengthened steadily against the US Dollar. Nonetheless, highly volatile global markets and US stock market corrections may affect capital movements and the Baht trend. Other downsides also include European

especially high as the Bank strengthened its reserve level to prepare for the adoption of TFRS 9, in line with its prudent approach to financial management. However, in the first quarter of 2019, impairment

this year, which was the weakest of Asia, prompting Thailand’s net return on investment after inflation to outperform regional peers. Finally, Thailand’s economic and financial stability was strengthened

uncertainties both at home and abroad resulted in volatility of both foreign exchange and return on investment. In the first quarter of 2019, the Baht strengthened due to eroding confidence in the US Dollar amid

strengthened on the back of funds inflow. However, signs of concern over the Thai economic slowdown and additional measures of the Bank of Thailand to manage international capital movements somewhat curbed the

multiple assets and shift to safe- haven liquid assets, especially the US Dollar, which strengthened at the end of the quarter. Overall, the Thai Baht weakened against the greenback compared to the previous

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4 percent compared to 4.2 percent in the previous year.The slowdown could be attributed to exports which contracted further due to the stronger Baht and a global economic slowdown. In addition, the investment environment of both the public and private sector remained weak, and private consumption, albeit gro...