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Thai Aviation industry hopeful for the future
26th Jul 2022
Airports of Thailand (AoT) reports that the aviation industry is recovering steadily from the COVID-19 epidemic and anticipates a full recovery by the end of 2024. Passenger traffic will eventually rebound to 2019 levels in a year and a half.
By the end of this fiscal year, it is anticipated that the number of passengers on international and domestic flights will reach around 45 million, or roughly one-third of pre-pandemic levels. They expect 77 percent of pre-pandemic traffic, or around 96 million passengers, to return next year, resulting in a significant increase in the number of travelers.The full recovery is anticipated to reach 142 million passengers in the skies over Thailand in 2024.
The International Civil Aviation Organization and the International Air Transport Association both agree that the aviation sector will not fully recover until 2024, as predicted by the AoT.After travel restrictions were lifted, the AoT president stated that they were prepared to operate at full capacity.
However, the same cannot be said for all cargo facilities, ground services, or even some airlines. With borders slamming shut at the outset of the epidemic and remaining so for years, the tourism and aviation industries were among the most severely affected by COVID. The epidemic terrorised supply systems and liquidity, making it difficult for many aircraft enterprises to remain afloat. Some airlines are participating in specific financial recovery schemes.
Efforts to cut costs have resulted in a 50 percent reduction in flights and itineraries, making it impossible to respond quickly to increased client demand. It is anticipated that the aviation sector as a whole will run at a loss in 2022, notwithstanding the rising tourism market.
The AoT is hopeful that the aviation industry and allied industries will return to profitability in 2023, but it depends on the success of various sectors and whether important demographics such as Chinese visitors return to Thailand in the predicted numbers.
