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Financial Crisis Woes Will Impact Phuket

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Posted: 08 Aug 2011 | 6:00 am

All eyes this week are turned to the financial markets today as jitters are being felt all over the globe.

There are no safe havens as was seen by the share hits taken on the Asian bourses late last week.

While Thailand now has reason to celebrate with peaceful elections and a clear mandate going forward, the question on many lips is - has the country waited to too long and is a late arrival at the cocktail party of booming regional economies?

Yingluck Shinawatra has her work cut out with the campaign promises of increased minimum wages.

Over the past few months building costs are already mounting and developers are expected overheads to inflate by the end of the year at 5-7%.

Tourism and property are key drivers for prosperity on the island and both sectors look to be impacted.

Hoteliers are anxiously looking toward the coming high season with worrisome optimism and a paranoid glance over their shoulders.

As the world goes, may very well affect how Phuket goes in the months ahead.

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Thailand is actually in an enviable position. Not private nor government debt burdened...strong domestic economy and some very profitable listed companies whose 2 Q. earnings will be reported by August 15. Our stock market here just a few days ago hit a new 15 year high. Exports are up and tourism remain buoyant. Less then 20% of all exports here go to EU and USA. Most of all, Thailand is domestic consumption driven along with inflation which will now tame down. The global rout will affect it less then other more developed markets, that is for sure. Now likely even more capital will be flowing here in time as investors just had enough of Western induced financial instabilities along with no or lowest economic growth.
Paul Renaud
www.thaistocks.com

Paul Renaud, 09 Aug 2011 | 4:58 pm

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