By Yunus Girgin
ANKARA (AA) - With its future at stake, the aviation industry is in need of urgent support, the Airports Council International (ACI) World said Wednesday.
A report by ACI World said the industry's recovery in 2021 would be slow and uncertain amid continued risk of collapse without government policy support and assistance.
The sector saw a loss of more than 6 billion passengers -- a drop of 64.2% of global passenger traffic -- and a reduction of $111.8 billion in revenues by the end of 2020, according to the report.
"While markets with significant domestic traffic are not expected to recover to pre-COVID-19 levels before 2023, markets with a significant share of international traffic will recover much more slowly," it said.
ACI World's forecasts predict that the Asia-Pacific and Latin America-Caribbean regions will experience the fastest growth, achieving five-year growth rates of 3.5% and 3.1%, respectively. Africa, Europe, the Middle East and North America will see more modest expansion ranging from 1.2% to 1.9%.
"China is expected to become the largest passenger market in 2031 surpassing the US and is projected to continue to dominate passenger rankings in 2040 with just over 3.6 billion passengers, an 18.3% share of the global passenger traffic market. The US and India follow, with 2.9 and 1.3 billion passengers, respectively."
Luis Felipe de Oliveira, ACI World director-general, said the prospects for recovery in the aviation industry have taken a hit following the introduction of renewed travel restrictions and lockdowns in response to new variants of the COVID-19 virus emerging.
Citing ACI forecasts showing a pathway for long-term recovery, he stressed that this could only be possible if a solid foundation is laid in the short term with government policy support and direct assistance.
*Writing by Yunus Girgin in Ankara