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Coronavirus to cause $27.8bn revenue loss for Asian carriers: IATA

Global loss would be $29.3bn with demand set to fall for first time since 2009

Chinese airlines are set to bear the brunt of lost revenues caused by the coronavirus outbreak.   © Reuters

NEW YORK -- The new coronavirus outbreak will result in revenue losses of $27.8 billion in 2020 to airlines in the Asia-Pacific region in 2020, nearly half of them Chinese carriers, the International Air Transport Association said on Feb. 20.

"We estimate that global traffic will be reduced by 4.7% by the virus, which could more than offset the growth we previously forecast and cause the first overall decline in demand since the global financial crisis of 2008-09," said Alexandre de Juniac, IATA's Director General and CEO.

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