consumption, albeit expanding, began to exhibit decelerating growth following a recent ramp-up in spending on durable goods. Likewise, private investment remained weak pending more apparent signs of economic
IVL as a whole in 2019. o Sharp decline in crude prices (high of $ 83/bbl in 3Q18 versus low of 54/bbl in 4Q18) as we entered in to the weak season led to accelerated destocking in the integrated PET
combination of the weak global economy and strong baht capped tourism and spending. In response to a slowdown in tourism, visa fee waivers were extended twice to end on April 30, 2020. Headline inflation
trend is sufficiently strong. Stated differently, earnings strings can arise even when earnings persistence is weak. Therefore, earning persistence does not necessarily imply the existence of earnings
corporate governance reduces emerging market vulnerability to financial crises, reinforces property rights, reduces transaction costs and the cost of capital, and leads to capital market development. Weak
this year may be capped by weak commodity prices, likely causing growth in export value to be lower than what was seen in the first half. At the same time, farm income may decelerate amid rising output
sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition
to slow due to a Thai economic recovery that is forecast to remain weak, and heightened internal and external risks. We are therefore closely monitoring and analyzing related developments. Subject to
Investor Strategies for Incorporating ESG Considerations into Corporate Interactions www.blackrock.com www.ceres.org Century21st Engagement Investor Strategies for Incorporating ESG Considerations into Corporate Interactions [ 5 ] FOREWORD The Value of Our Voice ......................................................................................................................................... 1 How ESG Megatrends Are Shaping Valuation ...........................................................
environment of both the public and private sector remained weak, and private consumption, albeit growing steadily, slowed during the second half of the year. Meanwhile, the Thai economy in 2020 is expected to