Singapore – The global airline industry will take at least three years to recover after the worst recession in six decades hurt travel demand, Giovanni Bisignani, chief executive of the International Air Transport Association (IATA), said.
The industry globally lost $50 billion in the past 10 years, with $11 billion in 2009 alone. Revenues declined by $80 billion last year, he said.
“These numbers are really shocking. We’ve had a terrible 10 years. It would take at least three years to recover the level of growth we have lost,” he said in an interview on Sunday.