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11/24/2020, 1:22 PM (Source: TeleTrader)
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IATA: 2020 airline revenue to drop 66%

The International Air Transport Association (IATA) revised its air travel growth forecast downward on Tuesday to show a 66% drop in airline revenue this year compared to 2019 due to the coronavirus pandemic.

IATA now expects the pandemic to cost airlines $157.2 billion in 2020 and 2021, while the industry could turn cash positive in the fourth quarter of next year.

Meanwhile, passenger numbers are expected to drop to 1.8 billion this year from last year's 4.5 billion. In 2021, passenger numbers are now projected to reach 2.8 billion.

Breaking the News / JC