The Thai economy in 2023 is projected to expand by 2.7%, with the tourism sector and domestic infrastructure being significant driving factors, particularly private consumption. However, it is crucial to closely monitor various risk factors, both internal and external, that could impact the Thai economy

The Thai economy in 2023 is projected to expand by 2.7%, with the tourism sector and domestic infrastructure being significant driving factors, particularly private consumption. However, it is crucial to closely monitor various risk factors, both internal and external, that could impact the Thai economy. Whether it be issues such as inflation, the interest rate policies of the central banks in the United States, conflicts like the Russia-Ukraine war, Israel and Hamas, all have ripple effects affecting not only Thailand but also other countries globally. Therefore, staying vigilant and closely observing these factors is essential for a comprehensive understanding of the economic landscape in Thailand.

Thailand continues to grapple with issues such as rising commodity prices and high interest rates, household debt, and stringent scrutiny of residential loan applications by financial institutions. These factors exert pressure on people’s ability to purchase homes. Companies remain vigilant, closely monitoring the situation while actively seeking new opportunities to develop their businesses. They firmly believe in the sustained growth of the Thai economy. As the economy improves, the demand for residential properties from both local residents and international visitors engaging in tourism and business is expected to increase.

In July 2023, the Supreme Administrative Court issued a judgment to revoke the permit for notification of intent to construct, renovate, demolish, relocate, or alter the use of the building for Ashton Asoke Condominium. This decision has had an impact on the company’s business operations. However, the Board of Directors held a meeting with the management team to discuss strategies to address these repercussions. This included negotiations with relevant government agencies and exploring new entry and exit routes for residents, which are currently under consideration by government authorities.

The company has prepared to deal with ongoing changes. Over the past year, the Company has continuously adjusted its business plans to align with the evolving circumstances. We still focus on its operation together with risk management and maintain a sustainable development and the principles of good corporate governance, by focusing on the responsibility to all stakeholders. Regarding the operation on the good governance, the Company has consistently achieved an “Excellent” rating in the Corporate Governance Report of Thai listed Companies (CGR) for 7 consecutive years, assessed by the Thai Institute of Directors (IOD). I would extend my congratulations to the management team and all employees for their concerted and dedicated efforts in maintaining our outstanding position in corporate governance practices throughout this period.

I would like to congratulate all Ananda executives and employees for your efforts in maintaining our corporate governance rating, which we have always adhered to, and it is our greatest honor that people recognize our true intentions.

Dr. Narongchai Akrasanee
Chairman
Ananda Development Public Company Limited