Aviation

Airline industry to cut losses to $47.7b in 2021 from $126.4b in 2020

The International Air Transport Association (IATA) has estimated that the airline industry is expected to lose $47.7 billion in 2021 (net profit margin of -10.4%), adding that this is an improvement on the estimated net industry loss of $126.4 billion in 2020 (net profit margin of -33.9%).
Director-General of the clearing house for over 290 global airlines, Willie Walsh in a virtual conference held Thursday on update on industry financial outlook for 2021 disclosed that the crisis is longer and deeper than anyone could have expected, stressing that losses would be reduced from 2020, with the pain of the crisis increasing.
He noted that in the meantime, a significant portion of the $3.5 trillion in GDP and 88 million jobs supported by aviation are at risk.
Most governments, he further explained have not yet provided clear indications of the benchmarks that they will use to safely give people back their travel freedom.
Effectively restarting aviation, he said, will energize the travel and tourism sectors and the wider economy, noting that with the virus becoming endemic, learning to safely live, work and travel with it is critical.

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