global economy due to financial market tightening and macroeconomic headwinds which created contraction risks, especially for Thai export sectors. Nonetheless, private consumption showed a sign of

slowdown in domestic and external demands and also from the delay in private investment due to low capacity utilization in manufacturing. Meanwhile, public spending excluding transfers also contracted in

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

than in 2017 which mainly supported by acceleration of global economy growth. Moreover, expansion in private consumption, export growth, and private investment from last year was due to higher consumer

is due to the decrease in gross profit between Q1 and Q3 compared to the same period of last year. This decrease was mainly due to lower overall private consumption resulted from the concerns over the

sectors. Manufacturing and exports contracted due to lower demands and shortage of raw materials and components from suppliers closed down due to the quarantine. Private investments and employment also

consumption. Private investment also contracted due to a decline in both domestic and foreign demand. Meanwhile, businesses must maintain liquidity to cope with future uncertainty. Against this backdrop

has deployed measures to stimulate short-term spending. Private investment also slowed due to a decline in the real estate sector. Meanwhile, the need for machinery investment was subdued due to lower

increase. 7.5 Appropriateness of the offering price of the Private Placement, rationale on determination of offering price, rationale and necessity for the Private Placement After due consideration, the

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