By Nevson Mpofu
The International Air Transport Association , IATA , announced latest industry outlook for financial performance in Boston , USA on 04 October. There are improved results amid the continuing covid -19 crisis stilling impugning economic development globally .
Net industry losses are expected to reduce to $11,6 billion in 2022 after a $51,8 billion loss in 2021 ( worsened from the $47,7 billion loss estimated in April .) Net 2020 loss estimates have been revised to $137,7 billion ( $126,4 billion .Adding these up , total industry losses in 2020-2022 are expected to reach $201 billion .
Total passenger numbers are expected to reach 2,3 billion in 2021 . This will grow to 3,4 billion in 2022 . This consummate 2014, levels . Significantly it is below 4,5 billion travelers of 2019 .
Robust demand for air-cargo is expected to continue with 2021 demand at 7,9 percent above 2019 levels growing to 13,2 percent levels above 2019 levels for 2022 .
“Magnitude for covid -19 crisis for airlines is enormous over 2020 -2022 period . Total losses could top $200 billion to survive airline have dramatically cut costs and adapted business to what ever opportunities available that will see the $137 , 7 billon of 2020 reduced to $52 billion this year .That will further reduce to $12 billion in 2022 .
“”we are well past the deepest point of tge crisis while serious issues remain the path to recovery is coming into view . Aviation is demonstrating its resilience yet again” , said Willie Welsh , IATA , Director General .
The air cargo business is performing well . The domestic travel will near pre-crisis levels in 2022 .the challenge is international markets which remain severly depressed as government imposed restrictions continue .