Saturday, April 04, 2020

India will face most job losses in Asia-Pacific: IATA

The Indian aviation market could suffer estimated losses of up to $8,838 million due to the pandemic, warned International Air Transport Association (IATA). In a report released on Friday, the apex body representing 290 global airlines said the impact could result in 22.47 lakh people losing their jobs.
The IATA report released its country-specific projection of the pandemic’s impact on Asia-Pacific states including India for the first time. According to the report, India is expected to suffer a drop of 36 per cent in passenger demand and a reduction of 6.85 crore in passenger volume at origin destinations. This could result in revenue losses to the tune of $ 8,838 million which could impact the national GDP in losses of $ 12,709 million.
The report projected that the Indian aviation sector could suffer potential job losses of 22.47 lakh personnel, which was the highest among 27 Asia-Pacific countries. The list includes Australia, South Korea, Indonesia, Japan, Malaysia, Singapore, Thailand, and Vietnam among top aviation markets.
In comparison with India, Japan was projected to suffer a passenger demand drop of 38 per cent resulting in revenue losses to the tune of $17,765 million and potential job losses of 4.48 lakh personnel. IATA said Sri Lanka would face a 44 per cent reduction in passenger demand, revenue losses of $ 562 million and job losses to the tune of 3.13 lakh. Pakistan was projected to suffer a 40 per cent drop in passenger demand, revenue losses of up to $ 1,438 and job losses to the tune of 1.98 lakh.
Urging governments in Asia-Pacific region to take urgent steps to provide financial stimulus packages to the airline industry, IATA said major Asia-Pacific states could see a drop in passenger demand in 2020 by 34 to 44 per cent and could suffer revenue loss of $88 billion.
04/04/20 Satish Nandagaonkar/Mumbai Mirror
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