IATA says airlines will take 3 years to recover

01.02.10

The global airline industry will take at least 3 years to recover from the worst recession in 6 decades, which caused a massive drop travel demand, Giovanni Bisignani, chief executive of the International Air Transport Association (IATA), said.

The airline industry globally lost $50 billion in the last 10 years, with $11 billion lost in 2009 alone, as revenues declined by $80 billion last year, Mr Bisignani said, adding: ‘These numbers are shocking. We’ve had a terrible 10 years. It would take at least 3 years to recover the growth we lost.’

Traffic, a measure of passengers flown multiplied by the distance travelled, dropped 3.5% last year, with declines exceeding 5% in Europe, North America and the Asia- Pacific region, according to IATA. The economic crisis cost airlines 2½ years of growth in passenger markets and 3½ years in freight.

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