Description

The COVID-19 pandemic put the aviation industry in a crisis much deeper than those that followed both 9/11 and the Global Financial Crisis. A long stretch of sustained growth was stopped in its tracks in 2020 and the next several years will be spent trying to get back to pre- COVID-19 levels. Even when vaccines have significantly slowed the spread of the virus, the economic downturn caused by the pandemic is expected to continue and it has a negative impact on business travel demand during the recovery phase. In addition to that, it is estimated that about 300 million people worldwide lost their jobs as a result of this crisis. These job losses around the world are likely to have significant and lost-lasting impacts on the global economy and demand for travel by plane.