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8 Jul 2022

Econ Digest

Cancellation of travel restrictions and full reopening to tourists effective July 1, 2022 – an important step to boost the rapid growth of Thailand’s inbound tourism market in 2H22

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        The full reopening of Thailand to international tourists from 1 July 2022 through the abolition of the Thailand Pass and the exemption of health insurance requirements for foreigners is a major supportive factor for the Thai tourism industry, especially during the high season in the second half of 2022. KResearch estimates that during the second half of 2022 there will be approximately 5.0 million inbound tourists, up by 160.0% as compared to more than 2.0 million in the first half of 2022, contributing to a potential 7.2 million inbound tourists for the year 2022 that is up from the previous estimate of 4.0 million, generating tourism receipts of around THB405 billion. During the remainder of 2022, tourists from East Asia are set to be a key driver for inbound tourism, with the majority of tourists coming from ASEAN such as Malaysia, Singapore and Vietnam, while Indian tourist arrivals are expected to be the largest group of inbound travelers in 2022 with about 1.0 million visitors.

        The European tourism market faces more challenges arising from the Russian-Ukrainian conflict and economic sanctions against Russia, which should affect the recovery of tourist markets from Russia and Eastern Europe for the remainder of 2022. Regarding other European tourist markets, the situation of the “energy war” between Russia and European countries must be closely monitored. If the situation does not worsen further, Thailand’s European tourist market, especially tourists from Germany, the UK and Scandinavian countries, is expected to recover in the last quarter of 2022. Meanwhile, tourists from other regions, including those from the Middle East and Oceania, are likely to recover well during 2022.

        However, many countries around the world continue to face rising energy prices and soaring inflation, and the ensuing rise in the cost of living may affect tourists’ confidence and decisions to travel abroad during the remainder of the year.

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