104 MALAYSIA AIRPORTS HOLDINGS BERHAD MANAGEMENT DISCUSSION AND ANALYSIS MOVING FORWARD OUTLOOK Economic outlook The economy in 2022 is looking to perform better than in 2021. The International Monetary Fund has forecasted the global economy to grow by 4.4% in 2022, moderating from growth of 5.9% in 2021. Meanwhile Bank Negara Malaysia has forecasted GDP growth for Malaysia of between 5.3% to 6.3% in 2022. For Türkiye, the World Bank has forecast GDP growth of 2% for 2022 following unexpectedly strong growth performance in 2021 of approximately 10%. Passenger forecasts As noted by the International Air Transport Association (IATA), the aviation industry is noted for its resilience and its ability to overcome crises that appeared to have crippled its players. Noting that while the global demand for domestic air travel has reached 71.8% of 2019 levels, the recovery of international travel is very much dependent on the pace of vaccine rollout by other countries and government policies on travel rules. As such, its forecast for 2022 globally is for passenger volumes to reach 61% of pre-pandemic levels. For Malaysia, the Malaysian Aviation Commission (MAVCOM) has forecasted passenger traffic in 2022 to increase between 316-525% YoY, with total passenger movements of between 32.6 million and 49.0 million. This represents 30-45% of prepandemic air passenger traffic levels in 2019. It also predicts that easing of border restrictions for international travellers together with pent-up travel demand and accrued savings will drive passenger traffic growth in 2022. The Malaysian government has reopened its international borders to all travellers as of 1 April 2022, officially transitioning to endemicity. At present, travellers who are fully vaccinated are exempt from quarantine when entering Malaysia and need only to provide proof of a negative RT-PCR test within 48 hours of departure and a professionally administered RTKAg test within 24 hours of arrival. Malaysians with valid travel documents can now enter and exit the country as usual and are entitled to travel to any country that has also opened its borders to foreign travellers. Public health measures such as the use of the MySejahtera public health app and masking in public settings have been maintained.
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