PARIS: Global airlines cut their coronavirus recovery forecast on Tuesday, saying it would take until 2024: a year longer than previously expected: for passenger traffic to return to pre-crisis levels.
"The second half of this year will see a slower recovery than we'd hoped," IATA Chief Economist Brian Pearce said. June passenger numbers were down 86.5per cent year-on-year, the organisation said, after a 91per cent contraction in May. Recovery prospects are weakened by the spread of COVID-19 in the United States and developing countries together representing 40per cent of global air travel, IATA said.Business travel may also face a sustained slump, threatening the profitability of long-haul airlines and routes as corporate clients rein in spending and make greater use of video-conferences that have become the norm during lockdowns.
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