Arab Air Carriers Organization reveals sector's losses in 2020, recovery scenarios

The Arab Air Carriers Organization (AACO) displayed on Saturday the figures the industry is expected to record in the cases of a speedy recovery and a slow one while revealing losses. The AACO pointed out that the global economy is speculated to shrink by 4.9% while the Arab economy is expected to contract by 5.7%. The former can recover fast in 2021 while the speedy recovery of the latter will occur in 2022. In case of slow recovery, both will improve in 2023. Passenger flights declined by 54.7% globally, and 57.1% on the Arab scale. As for the recovery, passenger flights can return to 2019 figures on the global and Arab levels by 2024 in case it is fast. If it is slow, the recovery will happen by 2027. The air transportation losses in 2020 are estimated at $5.5t globally and $194m in the Arab World. The revenues of the tourism and travel sector in the Arab World are speculated to plummet by 72.9%, equivalent to $72b.<br/>