• IATA AGM: Sector faces deep losses into next year | News

    The International Air Transport Association (IATA) has released a revised outlook for airline industry performance, predicting deep losses into next year. The trade body predicts a net loss of $118.5 billion for the sector this year, significantly deeper than the $84 billion forecast made in June. Perhaps more worryingly, a net loss of $39 billion is expected in 2021, with significant revenue not expected to return until quarter four of next year. Aggressive cost-cutting is thus expected to combine with increased demand during 2021 – due to the re-opening of borders with testing and/or the widespread availability of a vaccine. “This crisis is devastating and unrelenting. “Airlines have cut costs…