American Airlines Stock Hits New Low… Group Sees Virus Hurting Travel For At Least Five Years

www.cnbc.com/quotes/?symbol=aal&qsearchterm=aal

Airline Group Sees Virus Hurting Travel for at Least Five Years

Demand for air travel will lag behind pre-coronavirus forecasts for at least five more years, according to the latest projections from the International Air Transport Association.

Global traffic, or the number of passengers carried times the distance flown, will still be about 10% below original estimates in 2025, Brian Pearce, the trade group’s chief economist, said in a media briefing Wednesday.

Traffic next year will be down between a third and two-fifths from projections made prior to the pandemic, according to IATA, which doesn’t see travel recovering to last year’s levels until 2023 at the earliest. Pearce said he expected a rebound in demand to come about two years after an upturn in GDP, partly due to the increased inconvenience of travel.

 

READ  A Perfect Storm Is Brewing: Stock Market Crash Like No Other Coming In Weeks Or Months

Coronavirus could take FIVE YEARS to bring under control warns WHO’s chief scientist

It could be four to five years before the Covid-19 pandemic is under control, a senior global health official has said.

But with hopes of an end to the pandemic dependent on containing the virus and development of an effective vaccine, other experts have dampened expectations of putting a date on curbing the virus.

There are globally more than 4.3 million confirmed coronavirus cases, with the death toll now approaching 300,000.