End of the recession?
Singapore, 12th January 2010
The newspapers seem to be full with positive news about the economy. The end of the recession is near! We should be out of the dark soon. China seems to be the engine driving the revival. I can’t really say for Europe or the US, but in Asia including Australia it definitely seems to be that way.
From my company perspective we have seen a number of projects recently dusted off the shelf, where they had landed in the last 12 months or so due to the bad economic worldwide situation. I have some new kick off meetings scheduled for projects that had been halted or delayed as a result of the recession. But it may be too early to celebrate as we still encounter many projects with very slow payments. What used to be paid in 30-60 days has been gradually extended to 90-120 days in some situations…some we are still waiting!
This morning’s newspaper ran an article called “Plenty of rooms at the Inns” referring to the enormous number of hotels currently being build or planned for building soon. It states that though there is still a global slump it certainly does not seem to affect the hotel industry worldwide. I tempt to agree looking at our current porte-folio which counts many hotels. Good for us lighting designers I guess…
Interestingly the article mentions that there are many high end exclusive themed hotels in the planning like the new Giorgo Armani Hotel in the recently opened Burj Kalifa Tower in Dubai. A Philips Starck Hotel is planned in Venice, Italy and so on. Some people must have made lots of money during the recession you would think if this is all to be successful…..