The Economic Ramifications of COVID-19 Pandemic on the Global Aviation Industry | ||
| Journal of Association of Arab Universities for Tourism and Hospitality | ||
| Article 226, Volume 22, Issue 2, June 2022, Pages 340-364 PDF (2.25 M) | ||
| Document Type: Original Article | ||
| DOI: 10.21608/jaauth.2022.137165.1358 | ||
| Authors | ||
| Mohamed Abdelhady* 1; Fatma Ameen2; Mostafa Abou-Hamad3 | ||
| 1Faculty of Tourism and Hotels- Fayoum University | ||
| 2Faculty of Dar Al-Uloom, Fayoum University- Egypt | ||
| 3Faculty of Tourism and Hotels, Fayoum University- Egypt | ||
| Abstract | ||
| COVID-19 pandemic has triggered an unprecedented global health phenomenon which has drastically altered all aspects of the contemporary life with a diverse range of economic implications for the aviation industry. The primary purpose of research approach adopted in this study is to analyze and study the COVID-19 pandemic's economic repercussions on the global aviation industry. The findings revealed that it's difficult to overestimate how much the COVID-19 outbreak has wreaked havoc on the aviation industry, and the resurgence of aviation industry has been shrouded in mystery. In the baseline recovery scenarios, the aviation industry's revenues in 2022 are projected to surpass $432 billion, representing 65% of 2019's revenue. From 2022 to 2028, the aviation industry is predicted to grow at compound annual growth rate (CAGR) of 8.9%, reaching a total value of $1.09 trillion. Furthermore, passenger traffic is anticipated to rebound to roughly 80% of pre- pandemic levels by 2024 totaling $1.4 trillion, nearly equaling the 2019 pre-pandemic revenue peak of $1.43 trillion. | ||
| Keywords | ||
| COVID-19; SARS; Aviation Industry; Airport Industry; GDP | ||
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