IATA: airlines will take 3 years to recover
01.02.10
The global airline industry will take at least three years to recover, after the worst recession in six decades caused a massive drop travel demand, Giovanni Bisignani, chief executive of the International Air Transport Association, said.
The airline industry globally lost $50 billion in the past 10 years, with $11 billion in 2009 alone, as revenues declined by $80 billion last year, Mr Bisignani said, adding: ‘These numbers are really shocking. We’ve had a terrible 10 years. It would take at least three years to recover the level of growth we have lost.’
Traffic, a measure of passengers flown multiplied by the distance travelled, dropped 3.5 percent last year, with declines exceeding 5 percent in Europe, North America and the Asia- Pacific region, according to IATA, which represents 230 carriers. The economic crisis cost carriers 2½ years of growth in passenger markets and 3½ years in freight.
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