IATA estimates global loss of $314 billion due to COVID-19

Atta Ur Rehman Khan

14th Apr, 2020. 09:09 pm
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Global airlines stock value drops in October: IATA

International Air Transport Association (IATA) has predicted the glodbal loss due to coronavirus pandemic.

An international aviation group now supposes global damages due to the COVID-19 to top $314 billion which is higher than previous approximations.

According to the details, the estimation from the International Air Transport Association says travel internationally has fallen by 80%, much deeper than its earlier guesses.

The sources of English daily said that the industry is “virtually grounded outside [the] U.S.” US government stimulus measures require airlines to continue a minimal level of domestic service.

Be clear that IATA previously estimated $252 billion in universal harms.

According to IATA Economist Brian Pearce, The good news for the industry is that when travel restrictions are lifted is there’s a large amount of pent up demand.