By: JIMI DAVID
The global aviation market recorded a loss of $478 billion in 2020 as a result of the Covid-19 pandemic lockdown.
Statistics released in January by the International Civil Aviation Organisation (ICAO) on the Economic Impact Analysis of Covid-19 revealed that airlines worldwide recorded losses of $359 billion with airport and air navigation service providers losing additional $115 billion and $13 billion respectively.
According to the ICAO report, air travel demand started to fall in January 2020 owing to the pandemic. But this was limited to a few country.
However, as Covid-10 ravaged more countries across the globe, air transport practically came to a standstill by March.
With the wide scale lockdown measures, border closures, and travel restrictions being set out around the world, by April the overall number of passengers had fallen 92 percent from the 2019 levels, an average of the 98 percent drop-off seen in international traffic and 87 per cent fall in domestic air travel.
However, from April low point, a moderate rebound in passenger traffic was recorded during the summer season of 2020.
But the upward swing was shortlived, stalling and then taking a turn for the worse in September when the second wave of infection in many regions prompted re-introduction of restrictive measures.
Sectoral recovery became more vulnerable and volatile again during the last four months of 2020 recording an overall double-dip recession for the year.
By: JIMI DAVID