global economy will support Thai merchandise exports to grow by 4. 8% annually, while number of international tourist arrivals is expected to be 37 million or 7% higher from last year. Other economic

, while we expect an impact, we do not expect this to be as severe as in the highly impacted sectors of the economy.” 2. Outlook The global Covid-19 pandemic has affected Thai Q1 GDP with estimates that the

Global and Thai Economy in the Third Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant Regulations and Rules related to Business Operations 2 2. Risk Management and Risk Factors 5

awards we received in this quarter. B Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the First Quarter of 2019 1 1.2 Banking Industry and

increased degree of uncertainty in global economies and trade policies, businesses may have to contend with Thai Baht volatility and rising interest rate trends. Acting upon our strategy of strengthening

reflected in the numerous awards we received in this quarter. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the Third Quarter of 2017 1 1.2 Banking

quarter. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the Second Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant

expected credit losses by considering economic conditions in the past, present and future under various assumptions and circumstances. Meanwhile, the impact of the Covid-19 outbreak on the Thai and global

institution, enabling us to cope with possible economic fluctuations in a timely manner. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in 2017 and

2018 Page 17/21 Overview of the Stock Exchange of Thailand In line with global equities, Thai stocks saw another year of unusual volatility in 2018 of which investor confidence was affected considerably