The outbreak resulted in fundamental shifts in all the demand and supply parameters for air transportation and airport infrastructure and services. The second week of March 2020 came as a game-changer, when an overwhelming majority of national governments implemented strict confinement measures which eventually resulted in what the IMF later characterized as the “Great Lockdown”-the worst economic downturn since the Great Depression of the 1920s. From the outset, nobody could have predicted the unprecedented impact of the COVID-19 pandemic on the air transport industry, because it combined major economic and health crises alike. The air transport ecosystem and the airport sector in particular are again among the industries most affected by the COVID-19 health crisis, due to the industry’s global nature. The downward revision for 2021 reflects a downgrade of the output from advanced economies-partly as a result of supply disruptions-and also of the output from low-income developing countries, largely because of worsening underlying forces produced by the pandemic. The global economy is now projected to grow 5.9% in 2021-0.1% less than the IMF forecast in July 2021-and another 4.9% in 2022. However, the IMF also highlighted that despite the resurgence of the pandemic in 2021, the global economic recovery is continuing. The International Monetary Fund (IMF) recently estimated that the pandemic reduced the world’s economic output by 3.1% in 2020 1. By November 2021, around five million people throughout the world had died as a result of COVID-19 infection and at least 240 million people had been infected.Īlong with the human tragedy, the crisis has also resulted in dramatic damage to the global economy, trade, and mobility. Practically all aspects of economic and social activity were immediately disrupted by the pandemic-and many aspects still are disrupted. Since then, daily life across the globe has changed.

The World Health Organization (WHO) declared the COVID-19 outbreak a global pandemic more than 18 months ago. Montreal, 1 November 2021 – Airports Council International (ACI) World has published its eighth quarterly assessment analyzing the economic impact of the COVID-19 pandemic, its effects on the global airport business, and the path to recovery. Pandemic resurgence and increasing uncertainty are delaying recovery

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