Aviation News: Recovery at Least Three Years, S&P Says - Bloomberg:
The aviation industry’s recovery from the coronavirus outbreak will be long and slow, with passenger numbers likely to stay below pre-pandemic levels through 2023, according to S&P Global Ratings, which warned of more rating downgrades for airports over the next few months.
Global air passenger numbers will drop as much as 55% this year, a far steeper slump than previously estimated, analysts including Tania Tsoneva and Julyana Yokota wrote in a report dated May 28. Any recovery will depend on factors including how governments ease travel restrictions, people’s willingness to fly again and the extent of economic damage from the outbreak, they said.
Some countries are gradually allowing flights to operate following lockdowns and restrictions on movement, but volumes remain low. Airports are struggling for business as demand for services such as dining and duty-free shopping essentially evaporated.
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