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...

does not change significantly in 2005, though the pace of growth may slow down, in line with a declining trend in global economic expansion. Various negative factors that impacted economic growth in the

rates, credit spreads, credit ratings, reduced liquidity, declining credit quality of particular investments and other economic variables could affect profitability. In addition, the Group's variable rate

(Figure 4). Dealer-to-client trading value accounted for 61 percent, of which mutual funds were major investors. It was noted that trading by foreign investors was only 2 percent, markedly declining from