Thursday, February 25African Business News
Shadow

Tag: Billion

IATA Predicts 55% Drop in Airlines’ Revenue

IATA Predicts 55% Drop in Airlines’ Revenue

Business
The International Air Transport Association (IATA) has released updated analysis showing that the COVID-19 crisis is estimated to see airlines’ passenger revenue drop by $314 billion in 2020, a 55 per cent decline compared to 2019. This is just as IATA said government’s financial relief for airlines would be critical policy measure to safe the airlines. On March 24, IATA had estimated $252 billion in lost revenues (-44 per cent vs. 2019) in a scenario with severe travel restrictions lasting three months. The world body said the updated figures reflected a significant deepening of the crisis since then and reflected parameters which included: severe domestic restrictions lasting three months, some restrictions on international travel extending beyond the initial three months, worl...