Double digit growth in 2004
ALAN PEAT
FORECASTS FOR both air cargo and passenger traffic are beginning to look brighter following the serious downturn in the aviation industry after the 911 terrorist attack on the World Trade Centre, the severe acute respiratory syndrome (SARS) epidemic and the Iraq war.
The latest from the International Air Transport Association (IATA) joins the growing band of optimists.
“It looks like we finished 2004 with the strongest traffic rebound that the industry has seen since the 1991 recovery from the effects of the Gulf War,” said director general and CEO Giovanni Bisignani.
“If nothing changes in the operating environment, this is the start of a good news story for the industry.”
The figures released by IATA show that cargo and passenger forecasts for 2004-2008 indicate 6% growth annually for both international cargo and passenger traffic.
Freight saw double-digit growth in 2004, according to IATA - increasing 10.1%.
The 6% freight growth through 2008 relies heavily on Asia-Pacific - with markets linked to China and India expected to growth most rapidly.
Europe to Asia-Pacific will be the fastest growing market with 7% annual growth. Traffic within Asia Pacific and between the Middle East and Europe will also be above the global average at 6.1%.
Said IATA: “While this phenomenal growth is largely related to a recovery from the disastrous impact of SARS in 2003, two underlying factors are important. First, the robust economic expansion is the strongest in three decades. Second, increasing liberalisation and intense competition in many markets is driving growth with declining yields.”
