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Three weeks ago IATA had estimates of $252bn in revenue dip. Turns out that the worldwide flights operating fell further than anticipated, down 80%, not 65%.
IATA's Chief Economist Brian Pearce, "Economists have become much more pessimistic about the global economy...
That affects the speed at which air travel will return in the second half of the year. Jobs will be lost, confidence reduced."
That affects the speed at which air travel will return in the second half of the year. Jobs will be lost, confidence reduced."
Not taking into account impact of travel restrictions, purely loss of jobs/income tied to recession, IATA now expects RPKs to continue dropping in Q3 to an 8% YoY drop. #PaxEx
But the reality is closed borders and other things make that impact much, much worse.
By Q4 IATA still expects RPKs/RPMs down by a third.
Total of 50% RPKs gone for the year and now a $314bn decrease in revenue, 55% drop from 2019.
Total of 50% RPKs gone for the year and now a $314bn decrease in revenue, 55% drop from 2019.
"It is absolutely key now that governments put air transport at the center of their plans" for reopening their economies. "We need to restore passenger confidence."
-IATA DG/CEO Alexandre de Juniac
-IATA DG/CEO Alexandre de Juniac
ADJ also reiterates last week's news that IATA believes such policies can be built up on a regional/sub-continent basis on a consistent and coherent way.
Leaning on the history of 1944 Chicago Convention for framework. Looking to the future even though the future is uncertain.
Leaning on the history of 1944 Chicago Convention for framework. Looking to the future even though the future is uncertain.
