In light of the rapidly spreading disease named as COVID-19, the International Civil Aviation Organization (ICAO) actively monitors its economic impacts on civil aviation and regularly publishes updated reports and adjusted forecasts*. The latest version can be viewed here and all full reports are available further below.
ICAO is working alongside the Airport Council International (ACI) in monitoring the developments and to leverage their expertise and analysis conducted on the economic impacts of COVID-19 on airports.
When assessing the economic impacts on civil aviation, ICAO takes into account 3 scenarios:
* Please note that these figures are subject to frequent updates based on data available to ICAO.
The preliminary estimates indicate the impact in terms of scheduled international passenger traffic from/to China (including Hong Kong SAR of China, Macao SAR of China, Taiwan, Province of China, and cross-strait services) during 1Q 2020 compared to originally-planned:
Aviation provides the only rapid worldwide transportation network, which makes it essential for global business. It generates economic growth, creates jobs, and facilitates international trade and tourism.
Source: Aviation Benefits Report, 2019
Both air passenger traffic and air freight traffic are expected to more than double in the next two decades. Forecasts indicate that in 2036, aviation will provide 98 million jobs and generate USD 5.7 trillion in GDP - i.e. a 110% increase from 2016.