New Delhi, Oct 23 (Inditop.com) The worst is over for the aviation industry, but it will take a few more years for the sector to completely recover from the crisis, an international aviation forum said Friday.
“The worst is over, but the industry has to go a long way for a complete recovery,” Giovanni Bisignani, director general and chief executive of the International Air Transport Association (IATA), told reporters on the sidelines of a conference here.
“It will take three-four years for the sector to reach the level it was at before the crisis hit the industry.”
He said the losses in the aviation sector would be the highest in Europe at $3.8 billion, followed by $3.6 billion in Asia and $2.6 billion in the US.
The Indian aviation industry’s losses are estimated to be around $1.5 billion this year, Bisignani said, adding: “The losses will be mostly from Air India.”
India’s flagship carrier Air India is battling one of its worst financial crises and has sought financial support from the government.
The airline has lost over $1.5 billion since the last fiscal.
Bisignani recalled that it took three-four years for the US aviation sector to return to the growth path after the 9/11 terrorist attacks.
“Now, we are facing an economic slowdown worldwide. Still we are hopeful that the industry could bounce back in three-four years,” he added.
