Later this week, The International Air Transport Association forecasted that the Airlines mostly centring their focuses on Asia-Pacific region would likely to lose as many as $27.8 billion in revenues this year as flight cancellations alongside a sharply reducing demand stemmed of coronavirus-related frets had begun to take a heavy toll on airliners.
Besides, the IATA (International Air Transport Association) had also added in its forecast aired in the NY late on Thursday (February 20th) that the bulk of the losses would be resulted from Chinese carriers while the Chinese domestic airliners could haven been the heaviest hit with a possibility to fathom up a loss of $12.8 billion.
In point of fact, Chinese carriers ought to take the hardest hit since the domestic airliners in China had curbed more than 80 per cent of their planned capacity this year in order to grapple with a sharply declining number of passengers, as a majority of Chinese people appeared to have stop moving around, while Singaporeans also were reportedly preparing for a lock-down and people were found to be purchasing months of resources and stopped getting out of home.
Amid such a tempestuous outlook in the global aviation industry, adding that the passenger traffic in the Asia-Pacific region would likely to be plunged as much as 8.2 per cent this year compared to a prior estimate of a rise of 4.8 per cent, IATA Director General, Alexandre de Juniac said in a statement later this week, “Airlines are making difficult decisions to cut capacity and in some cases routes.
Lower fuel costs will help offset some of the lost revenue. This will be a very tough year for airlines. ”