government bonds widened to 107 bps. compared with 98 bps. at the end of June 2007. However, in December, the yield curve adjusted downward again as market expected a decline in bond supply in the first half

Annual Report 2009 1 Annual Report 20092 Over the past year, the Thai economy experienced a recession for the first time since the Asian economic crisis in 1997. The first quarter saw a 7.1 percent contraction as a result of sluggish export in the midst of global financial crisis, diminishing demand of domestic private sector, and lack of confidence in economic and political directions. All these factors played out against a backdrop of weakening economies of our trade partners worldwide, which...