economic slowdown resulting in declining export and plunging tourists’ spending especially Chinese tourists. The instability in Thailand politic and election in March 2019 slowed public investment. High

borderless marketplace of the ASEAN Economic Community (AEC). Given the increased degree of uncertainty in global economies, especially pressure from a looming trade war among core economies and their

: Possibility of delisted and rehabilitation companies due to financial instability and going-concern issue. Horizontal Analysis 0 2 4 6 8 10 12 2012 2013 2014 2015 2016 BSIZE ACSIZE 0% 10% 20% 30% 40% 50% 2012

September 11th 2001. ❑ Firms reduce internal uncertainty by holding more cash from higher debt in response to the higher external uncertainty at times of heightened GPR, due to the volatility of the expected

satisfactory economic growth, many key nations such as Japan and China recorded a slowdown. The Eurozone was fragile while Russia faced economic problems and currency volatility from sharply declining crude oil

moving toward such goal, however, the country has to prepare for the volatility that the market liberalization will bring, and seek ways to increase opportunities and Chaikasem Nitisiri Chairman 20T H

global economy grew at a decelerating rate in 2019 amid uncertainty surrounding the US- China trade rift and concerns about Brexit which lingered throughout the year. The World Economic Outlook of the

temporarily. For private investments, that decreased from the same period of last year in all sectors from instability of the economy, except for ongoing projects of improvement, maintenance and automation

centre of its changing organisational environment Credit Suisse ESG Research, APAC4 Modern slavery Regional instability / migration Demographic shifts: e.g. population aging; Millennials Widening income

volatility will not have a material adverse effect on the Group's financial condition and operating results. Global market uncertainty related to the COVID-19 pandemic, especially the Group's reduced capacity