COVID-19: Should the Aviation Industry brace up for the new normal?
Source: AirTeamImages Introduction In December 2019, The International Air Transport Association (IATA) released the 2020 outlook for the aviation industry. IATA projected that the global aviation industry will generate a net profit of $29.3 billion relying on strong economic growth to fuel passenger traffic. Passenger numbers were expected to reach 4.72 billion up 4% from 4.54 billion passengers in 2019. Global spend by individuals and businesses on air transport was expected to reach $908 billion. This will ensure the global aviation industry generates profit for the 11 th consecutive year. The 2020 outlook did not envisage the Covid-19 global pandemic that will literally ground a large part of the world economy and the aviation industry. Travel data provider – Official Aviation Guide (OAG) estimates that the number of scheduled flights globally is now down approximately 70% year on year as at 4 th May 2020. In April 2020, IATA issued a post-covid-19 outlook for...