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The global airlines body (IATA) has released a 2020 air transport economic outlook with African airlines recording a combined loss of $2 billion a stark contrast from the 200 million loss that was predicted in 2019.
The airlines industry has been one of the most hard hit due to the travel restrictions with most regions recording negative operating income this year.
Globally, the industry loses are expected to reach $84 Billion.
Whereas most airlines had been expanding their fleets pre the pandemic, cancellations and postponement of new air-crafts are also expected over the second half of the year. IATA predicts a 40% reduction in the number of originally planned deliveries this year.
In fact, earlier this week, plane manufacturer Airbus threatened to sue airlines over outstanding plane orders. Airbus’ recorded the largest order to be placed from the continent this year with Nigerian start up airline, Green Africa Airways. The order was of 50 A220 air-crafts.
As airlines continue to battle with the financial effects of the pandemic, IATA says most of them will consider the sale of their existing assets.
According to the report, 2020 will go down as the worst year in the history of aviation.