Air traffic not expected to restore pre-pandemic levels until 2024

Global air traffic is not expected to return to pre-pandemic levels until 2024, a year later than an earlier projection by the International Air Transportation Association (IATA).

IATA now expects the global passenger volume to drop 55 percent in 2020, after forecasting 46 percent in April.

The outlook reflects business trip cuts by companies, weak consumer confidence, future employment concerns, and slow virus containment in the US and some developing economies.

IATA director general Alexandre de Juniac warned that the latest forecast
"could slip further" due to setbacks in containing the virus or finding a vaccine.

Passenger traffic went down 86.5 percent in June and 91 percent in May, as countries imposed travel restrictions to curb the virus spread.

The load factor stood at an all-time low for June, at 57.6 percent.

According to the IATA, the airline industry is set to lose $84.3 billion in 2020, with revenue forecasted to drop 50 percent.