According to a recently issued out 2020 air passenger forecast study by the ICAO (International Civil Aviation Organisation), there is a revelation that airlines could face up to 1.5 billion fewer international air travelers this year majorly because of the Corona Virus pandemic.
The report also states that international seat capacity could decrease by almost three quarters, resulting in a 273 billion dollar loss compared to previously expected gross operating revenues.
While commenting on the upgraded study, ICAO Secretary General, Dr Fang Liu stated that, the analytical timeframe was extended for another three months to December 2020 and more reliable airfare data was used to calculate revenue reduction.
The International Civil Aviation Organisation has frequently been providing updated analyses on the economic impact of COVID-19 on air transport since early February 2020, and is providing continuous guidance to air transport planners, regulators, and operators.
Economic experts project gross impact on economies after the pandemic has been dealt with. The projections are significant to many countries now planning their COVID-19 recovery scenarios, given the importance of tourism, global supply chains, and many other air connectivity factors to local socio-economic success.
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