An economic upturn always has the potential for crisis. Members of the Association of Southeast Asian Nations (ASEAN) appear to be blessed with an economic boom. But there is a feeling of deja vu as current circumstances closely resemble those on the eve of the Asian financial crisis, which started in July 1997.
The Thai capital of Bangkok is enjoying an unprecedented construction boom, with the prices of new condominiums in Wacharapon and Sai Mai districts having doubled in the past three years while new shopping centers are being built in the commercial section of Si Lom. Signs of a boom are also seen in rural cities as well, with new buildings cropping up in Chiang Mai and other areas.
As of the end of 2012, more than 8,000 Japanese corporations had advanced into markets of Thailand while their American, European, South Korea and Taiwanese counterparts are also stepping up their business activities there.
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