TOKYO (AP) — The International Air Transport Association says the outbreak of the new virus is threatening to erase $29 billion of this year’s revenue for global airlines, mostly for Chinese carriers, as travel crashes worldwide.
The trade group for global airlines said Thursday the virus causing COVID-19 has the potential to cause a 13% decline in demand for Asian carriers this year.
The contraction comes at a time when Asian airlines’ sales have been growing.
IATA said global air traffic will be reduced by 4.7%, marking the first overall decline in such annual demand since the financial crisis of 2008 and 2009.
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