Leslie Josephs

The global airline industry is expected to lose close to $12 billion next year, cutting its losses from this year by 78% as carriers slowly recover from the Covid-19 pandemic, the International Air Transport Association said in a forecast Monday.

The IATA, which represents nearly 300 airlines that operate more than 80% of the world’s air traffic, said industry losses in 2021 will be worse than originally thought, totaling $51.8 billion, widening from a forecast in April of $47.7 billion.

Net losses in 2020 were $137.7 billion, more than the $126.4 billion the IATA estimated earlier this year and bringing the industry’s total net losses from the pandemic to more than $200 billion.

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