It seems that the world financial crisis over the past few years is beginning to lift, especially in Phuket. When the world economy crashed at the back-end of 2008, the reverberations were felt far and wide, and it seemed that every country across the world had to bear the brunt of ill decisions by banks and on Wall Street, which are still affecting entire countries as we speak through the general public bailing out the banks.
However, over the past year, Phuket has done really well with large scale investments from overseas companies, especially in the Phuket real estate and hospitality industries. Investments such as New World’s multi-billion baht Rosewood Luxury Resort project in Patong, the US-based Outrigger Hotels and Resorts and transactions by Singapore’s Lum Chang Development and HPL, have all been very positive indications of how the economic smog is now lifting on our beloved island.
As we move into high-season, and with the increase in occupancy rates in Phuket hotels and resorts over the past month or two, there are many reasons to be cracking a smile as a Phuket business owner or expatriate. It all bodes well for 2013, as long as the galactic alignments in December don’t become apocalyptic, we can look forward to another 12 months of growth right across the board.