slower-than-expected recovery of advertising expenditure during the first half of 2017, the VGI believes that an improvement in advertising spending is in the offing for the remaining months of 2017 as

in 20172, mainly due to an ongoing postponement of festivities subsequent to the mourning period over the passing of His Majesty King Bhumibol Adulyadej and the shrinkage of advertising spending in a

quarter which contracted at 12.1%, because of the government expenditure and public investment expanded, while private consumption, private investment, and export of goods declined at a slower pace compared

, 2017). • Economic stimulus—government subsidies—after the financial/pandemic crisis. • Corporate income tax deduction/exemption (via significant spending). • Import duty relief, etc. • Permission for

, coupled with high excess production capacity, resulted in a contraction in private investment. However, public spending continued to grow from current expenditure through disbursals for public health

supporting factors were the return-to-expansion of export goods and private final consumption expenditure. In addition, the relaxation of the COVID-19 restrictions resulting in the number of foreign tourist

full-year contribution from Invista Germany. Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. IVL balance

year that IVL realize full-year contribution from Invista Germany. Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of

attributed mainly by number of factors, namely 1.) Growth in Tourism sector from visa-on-arrival measure and Hong Kong disturbance which reflects an increasing in tourists 2.) Government spending for

.) Government spending and investment in infrastructure despite a lower rate of growth due to the delay of government establishing and pending promulgation of 2020 capital expenditure 3.) growth in private