GENEVA, Switzerland (AFP) — Airline passenger revenues are set to plunge by 55 per cent, or US$314 billion, in 2020 due to the novel coronavirus pandemic, the International Air Transport Association (IATA) said yesterday.

It marks a sharp worsening of the forecast for the aviation industry, as just three weeks ago the decrease was predicted to be 44 per cent, or US$252 billion.

“The industry’s outlook grows darker by the day,” said IATA chief executive Alexandre de Juniac.

“The scale of the crisis makes a sharp V-shaped recovery unlikely. Realistically, it will be a U-shaped recovery with domestic travel coming back faster than the international market.

“Without urgent relief, many airlines will not survive to lead the economic recovery.”

As of early April, the number of flights worldwide was down by 80 per cent compared to the same period in 2019, said IATA, which comprises 290 airlines.

The crisis began for the aviation sector at the end of January when airlines suspended services to China, where the coronavirus outbreak began.

http://www.jamaicaobserver.com/business/Airline_revenues_to_nosedive_by_55_in_2020:_IATA