Posted on: Saturday, February 29, 2020 Fears Over COVID-19 Could Turn a Public Health Crisis Into an Economic Crisis Homeland Security Today
The International Air Transport Association (IATA) announced that its initial assessment of the impact of COVID-19 shows a potential 13% full-year loss of passenger demand for carriers in the Asia-Pacific region. Considering that growth for the region’s airlines was forecast to be 4.8%, the net impact will be an 8.2% full-year contraction compared to 2019 demand levels. In this scenario, that would translate into a $27.8 billion revenue loss in 2020 for carriers in the Asia-Pacific region—the bulk of which would be borne by carriers registered in China, with $12.8 billion lost in the China domestic market alone.
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