Tuesday, March 9, 2021

IATA predicts Airlines will lose $118.5bn in 2021

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The International Air Transport Association has predicted heavier losses for the aviation industry in 2021.

According to a report titled ‘Deep losses continue into 2021’, IATA predicted a net loss of $118.5bn for 2020 (higher than the $84.3bn forecast in June).

The report released also predicted a net loss of $38.7bn in 2021 (higher than the $15.8bn forecast in June).

It explained that the second half of 2021 is expected to see improvements after a difficult 2021 first half.

It recommended aggressive cost-cutting as the solution to drive increased demand in 2021, with hopes that either a vaccine or safe re-opening of borders would turn the industry around.