The year 2024 is another challenging period for the Company. The global economy is projected to grow at a rate of 3.1%, same as the previous year, which is below the 10-year pre-COVID-19 average of approximately 3.7% due to the positive effects of reopening economies and stimulus measures during the COVID-19 period. However, the negative factors may undermine growth, including the slowdown of the Chinese economy, risks of economic stagnation in Europe, drought conditions caused by the El Niño phenomenon, the Russia-Ukraine war, and tensions in the Middle East. In addition, the economic polarization led by the United States and China could impact global supply chains and potentially exacerbate fragmented globalization, creating ripples in global trade and investment.

Furthermore, the high-interest rate policies implemented in many countries during 2023-2024 continue to affect costs and debt burdens for both public and private sectors. In the overall picture, the global economy remains at risk of stagnation. Nevertheless, easing inflationary pressures anticipated in 2024 could pave the way for major economies to reduce interest rates, thereby preventing prolonged economic weakness.

Meanwhile, Thai economy is expected to grow in line with the economic cycle, albeit with uneven recovery and significant uncertainties. In 2024, the economy is projected to expand by 2.5%, primarily driven by domestic factors such as the continued recovery of the tourism sector, sustained growth in private consumption fueled by the rebound in tourism and increased employment, heightened government spending playing a more prominent role in driving the economy, and private sector investment expected to grow in tandem with the expansion of the service sector and infrastructure-related industries. In overall, the economy is likely to improve, but the growth rate remains relatively low compared to other ASEAN countries. Domestic factors that may pressure Thailand's economic growth include high household debt levels amidst rising borrowing costs, potential severe drought impacts, and structural issues such as an aging population, labor shortages, and declining competitiveness in several industries. The 2024 external risk include the impact of historically high interest rates in major global economies, which could pressure the global economy and financial sector, the slowdown of the Chinese economy amidst vulnerabilities in its real estate sector, economic polarization between the United States and China, and the potential escalation of geopolitical conflicts.

Regarding the progress of the Ashton Asoke project case, the management and the subsidiary owning the project are currently exploring solutions in collaboration with relevant government agencies. Various approaches are being considered to identify the most appropriate resolution. The subsidiary owning the project remains confident in its ability to address the issue within the legal framework and estimates that clarity on the resolution timeline will emerge by the first quarter of 2025. However, as the resolution process involves multiple stakeholders, the timeline may be subject to change depending on evolving circumstances.

The Company continues to prepare for and adapt to ongoing changes. Over the past year, the Company has consistently adjusted its business plans to align with shifting circumstances. The Company remains committed to operating alongside risk management while adhering to principles of sustainable development and good corporate governance, being responsible for all stakeholders. As a result of its adherence to good corporate governance principles, the Company has been awarded an "Excellent" rating in the Corporate Governance Report of Thai Listed Companies (CGR) by the Thai Institute of Directors (IOD) for the eighth consecutive year. I would like to extend my congratulations to the management team and all employees of the Company for their collective efforts in maintaining this governance standard, which we have upheld consistently.

I would like to express my gratitude to the Board of Directors, management, and employees of the company and its subsidiaries for their responsible performance under the principles of good governance. I also extend my thanks to all stakeholders, shareholders, customers, financial institutions, and business partners for their trust and continued support of the Company’s endeavors over the years.