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Aviation | Airline industry will take 3 years to recover: Iata

Aviation | Airline industry will take 3 years to recover: Iata
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First Published: Sun, Jan 31 2010. 11 37 PM IST
Updated: Sun, Jan 31 2010. 11 37 PM IST
Singapore: The global airline industry will take at least three years to recover after the worst recession in six decades hurt travel demand, Giovanni Bisignani, chief executive of the International Air Transport Association (Iata), said.
The industry globally lost $50 billion (Rs2.32 trillion) in the past 10 years, with $11 billion in 2009 alone. Revenues declined by $80 billion last year, he said.
“These numbers are really shocking. We’ve had a terrible 10 years. It would take at least three years to recover the level of growth we have lost,” he said in an interview on Sunday.
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First Published: Sun, Jan 31 2010. 11 37 PM IST