The world is still in the process of recovery. Being hit back to back with the coronavirus wave the economy, the industries are slowing stepping up and trying to stand back on their feet.
The airline industry was the first one to stop its operations as the passengers carried in and out of the country transmitted the virus.
Corona has hit the aviation industry hard. According to the International Air Transport Association (IATA), the industry could face losses of about 201 billion (Rs 15 lakh crore) between 2020 and 2022. The industry is expected to return to profitability by 2023, said IATA Director-General William M. Walsh. “The crisis has reached a climax. Serious issues still remain. There seems to be a way to recover, “said Walsh.
Read More: Indian-Based IT Company Freshworks Employees Are Now Crorepatis
He was speaking as part of the IATA 77th Annual Conference. “Losses in 2021 could be as high as $ 52 billion. Losses in 2020 are expected to be much lower than $ 138 billion. Losses could be limited to $ 12 billion in 2022. Overall, the loss to the industry due to the corona is estimated at $ 201 billion, ”Willie explained.
Considering the aviation industry shut down during the middle of 2020 it faced a crisis, but in 2021 it has yet not been able to pick up any profit considering the bans existing in various countries all around the world.
Apart from international airlines, domestic airlines have suffered severe losses too/ Traffic (passenger congestion) that fell with lockdowns last year due to the coronavirus pandemic has gradually recovered to 70 percent.
However, Coronavirus seems to be reaching the endemic and the international flight services have mostly resumed more than 20 percent of international services from India.
International aviation industry revenue is projected to grow by 26.7 percent to $ 472 billion by2021, according to the IATA, and 40 percent by 2022 to reach $ 658 billion.
Through all difficulties and crises, the airlines are trying to get back to the line of duty and to pick up some profit.
Also Read: This Indian City To Become The Next Leader Of World Startup
