Air traffic will take years to return to 2019 levels
Wednesday, July 8, 2020
Significance
However, it remains uncertain how evolving measures to curb the spread of COVID-19 will affect their operations, how long it will take for consumer confidence to recover, and perhaps most importantly, whether the average of two months' cash reserves airlines had going into this crisis will see them through it.
Impacts
- Aviation suppliers including airports and aircraft manufacturers are forecast to suffer heavy losses.
- The world recession will hit consumer and business confidence, and disposable incomes, slowing the passenger and cargo traffic recovery.
- The UNWTO sees world tourism sales falling by 73% this year, hitting the many nations that rely on tourism as a key engine of GDP growth.