Hong Kong, Dec. 13 -- Come January 1, airlines worldwide will be breathing sighs of relief, glad to say goodbye to a year of operating miserably. The tragedy of 9/11, the onset of Severe Acute Respiratory Syndrome (SARS 2003) and the 2008 Global Financial Crisis pale into insignificance when compared with the impact of COVID-19 on global travel and tourism.
Fortunately, Asia-Pacific 2021 commercial aviation is forecast to be better than the shocker of the last 12 months. But more airline financial losses are certain and some airline bankruptcies will be unavoidable.
The International Air Transport Association (IATA) does not believe the industry will return to cash positive status until the last quarter of 2021 - at least. The Asia-Pacifi...