International Air Transport Association says the coronavirus crisis is devastating and unrelenting as airlines have cut costs by 45.8%, but revenues are down 60.9%. – AFP pic, November 24, 2020.
THE International Air Transport Association has revised its outlook for the airline industry, saying deep losses will continue into 2021, even though performance is expected to improve over the period of the forecast. IATA expects the global airline industry to record a net loss of US$118.5 billion this year, deeper than the US$84.3 billion forecast in June, followed by a net loss of US$38.7 billion next year.
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