$29 Billion Loss Expected for Asia-Pacific Airlines in 2020
Airlines in the Asia-Pacific region will be the hardest hit by the COVID-19 crisis, with losses expected to be $29 billion for 2020. This is more than a third of the $84.3 billion industry losses globally.
The Asia-Pacific region was the first region to feel the brunt of the COVID-19 crisis. The region’s airlines will see passenger demand (measured in revenue passenger kilometres, RPK) collapse 53.8% this year, while capacity (in available seat kilometres, ASK) will be reduced by 39.2%.
“2020 is the worst year in aviation history and airlines are in survival mode. The carriers in Asia-Pacific will experience the largest losses at $29 billion. That’s a loss of $30.09 per passenger. In this bleak outlook, the priority is for the region’s governments to facilitate the restart of air connectivity in line with the International Civil Aviation Organization’s Take-off guidance and principles,” said Conrad Clifford, IATA’s Regional Vice President for the Asia Pacific.
“It will take a few years for the industry to get back to 2019 levels of activity. In the interim, governments will need to continue providing financial relief and assistance to airlines as well as flexibility in slot usage. We are also working with airports and air navigation service providers to identify areas of cooperation with a view to reducing costs for airlines,” said Clifford.
The updated country-level impact is given below:
| Percentage change in passenger demand (2020 vs 2019) | Passenger demand impact (origin-destination volumes – 2020 vs 2019) | Revenue impact (US$, millions, 2020 vs 2019) | Potential jobs impact, aviation and sectors dependent on aviation | |
| Australia | -53% | -52,510,000 | -14,770 | -376,100 |
| Bangladesh | -49% | -5,660,000 | -1,090 | -63,300 |
| Fiji | -51% | -1,170,000 | -310 | -65,500 |
| India | -49% | -93,270,000 | -11,610 | -3,060,000 |
| Indonesia | -50% | -60,560,000 | -8,320 | -2,096,800 |
| Japan | -53% | -99,790,000 | -23,920 | -620,700 |
| Malaysia | -52% | -34,060,000 | -4,300 | -224,800 |
| Maldives | -53% | -2,830,000 | -660 | -38,300 |
| Nepal | -52% | -3,490,000 | -530 | -234,200 |
| New Zealand | -52% | -13,250,000 | -3,480 | -176,400 |
| Pakistan | -53% | -10,100,000 | -1,870 | -265,600 |
| Philippines | -49% | -29,880,000 | -4,630 | -569,800 |
| Republic of Korea | -54% | -61,430,000 | -11,120 | -383,400 |
| Singapore | -50% | -24,770,000 | -6,950 | -175,900 |
| Sri Lanka | -60% | -4,150,000 | -730 | -418,800 |
| Thailand | -53% | -56,820,000 | -8,460 | -2,209,900 |
| Vietnam | -46% | -32,600,000 | -4,430 | -1,011,200 |
You might also like
Experience the biggest music celebration at Colombo Music Festival 2018
Cinnamon Life unveils Colombo Music Festival 2018, the biggest one-day musical celebration ever to hit the island country will take place on 18th August at the Havelock Sports Club Grounds
Celebrate Jamaican New Years’ in Caribbean!
There is something special for everyone as we ring-in the festive season in Jamaica, this December. For this last month of the year, Jamaica celebrates its people and Jamaican traditions
South Africa Makes Play for International MICE Tourism
Derek Hanekom, Minister of Tourism for South Africa, outlined how South Africa, as a world-class business events destination, will respond to the next decade in the face of rising interest
