The Economic Ramifications of COVID-19 Pandemic on the Global Aviation Industry

Document Type : Original Article

Authors

1 Faculty of Tourism and Hotels- Fayoum University

2 Faculty of Dar Al-Uloom, Fayoum University- Egypt

3 Faculty of Tourism and Hotels, Fayoum University- Egypt

Abstract

COVID-19 pandemic has triggered an unprecedented global health phenomenon which has drastically altered all aspects of the contemporary life with a diverse range of economic implications for the aviation industry. The primary purpose of research approach adopted in this study is to analyze and study the COVID-19 pandemic's economic repercussions on the global aviation industry. The findings revealed that it's difficult to overestimate how much the COVID-19 outbreak has wreaked havoc on the aviation industry, and the resurgence of aviation industry has been shrouded in mystery. In the baseline recovery scenarios, the aviation industry's revenues in 2022 are projected to surpass $432 billion, representing 65% of 2019's revenue. From 2022 to 2028, the aviation industry is predicted to grow at compound annual growth rate (CAGR) of 8.9%, reaching a total value of $1.09 trillion. Furthermore, passenger traffic is anticipated to rebound to roughly 80% of pre- pandemic levels by 2024 totaling $1.4 trillion, nearly equaling the 2019 pre-pandemic revenue peak of $1.43 trillion.

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