Boeing Expects Global Airline Industry To Fully Recover By Late 2024-2025


Boeing Expects Global Airline Industry to Fully Recover by Late 2024-2025

MOSCOW (UrduPoint News / Sputnik - 21st July, 2021) The airline industry of Russia, China and - to some extent - the United States have shown good recovery following the crisis caused by the COVID-19 pandemic, yet the full rebound of the sector worldwide should be expected no earlier than the end of 2024-2025, Sergey Kravchenko, president of Boeing Russia/CIS, told Sputnik.

The global airline industry has been one of the worst affected by COVID-19, as most countries shut their borders and grounded flights to curb the spread of the disease. Many airlines across the globe have been forced to layoff workers after the first wave of the pandemic.

"[Year] 2020 was still a year of challenge when most airlines would continue to lose money. Hopefully, the years 2021-2022 will be years of recovery. We estimate [full recovery will] happen by the end of 2024-25," Kravchenko said on the sidelines of the International Aviation and Space Salon MAKS-2021 outside Moscow.

Speaking of Russia, the Boeing executive expressed the belief that the recovery to the 2019 air traffic level is "just around the corner." Yet, air traffic in Russia will still be about a third short of the pre-pandemic level, mostly because the world has not agreed yet on resumption of international travel, Kravchenko explained.

"The recovery in the world [from the COVID-19 pandemic] still has to be seen but countries like Russia and China and - to some extent - the United States show very good recovery of domestic traffic. In Russia [the aviation industry improved] because of the domestic tourism and partially because of the international travel," he added.

The MAKS-2021 international aerospace show is taking place in the Moscow Region from July 20-25. The Sputnik news agency is an official media partner of the event.