Covid-19 Set To Decimate Global Airport Revenue
Airports Council International (ACI) World has published its fourth update analysing the economic impact of the COVID-19 pandemic, and its effects on the global airport business The month of August marked more than five months since COVID-19 was declared a pandemic on 11 March 2020 by the World Health Organization (WHO). Air transport has remained one of the hardest-hit global industries since the very beginning of the global health crisis. According to the Air Transport Action Group (ATAG), aviation supports 65.5 million jobs worldwide and enables $2.7 trillion (figures in US Dollars) in global Gross Domestic Product (GDP) On a global scale, passenger traffic declined by -56.7% in the month of March year-over-year. In April, passenger traffic on a global scale reached a rock bottom of -93.7% compared to the month of April 2019.The decline in passenger traffic volumes for the month of May was estimated at -90.3% year-over-year The second quarter of 2020 recorded a -89.3% decline in pas...