IATA predicts airlines operating in APAC will report combined losses of $31.7 billion in 2020

The International Air Transport Association (IATA) has predicted that airlines operating in the Asia-Pacific (APAC) region, including India, are expected to report combined losses of $31.7 billion in 2020 because of the adverse impact of the pandemic on travel demand. Total capacity utilised by airlines in the APAC region is expected to fall by 55.1 per cent, with total passenger traffic plunging by 62 per cent this year. Further, IATA expects airlines to improve their performance in the second half of 2021, but passenger traffic may rebound to 2019 levels only by 2024.