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  Economic crisis grounds African airlines
 
Economic crisis grounds African airlines
  
Economic crisis grounds African airlines
  According to the International Air Transport Association (IATA), the forecast for 2009 is looking gloomy than it was last year. Last year saw the airline industry grappling with record-breaking high oil prices and reduced demand for air travel. This ultimately led to scaled-down operations for some airlines. Those that could not contain sky-rocketing prices of Jet A1 fuel subsequently collapsed and shut down.

Industry analysts note that the current state of affairs in air transport gets even gloomier as demand for air travel continues to plummet. The Geneva-based IATA has indicated that passenger traffic is likely to drop by 5.7% while cargo traffic will go down by 13%.

African carriers such as South African Airways, Air Zimbabwe, Ethiopian Airlines, Kenya Airways and Air Malawi, to name just a few, experienced a drop of 12.9% by October 2008. This was a few months after the beginning of the global economic crisis which began in the United States as a sub-prime mortgage crisis.
More>>africanews.com
  Date Published : Wednesday, August 12, 2009   

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