Tightening of travel restrictions to prevent spread of omicron may delay recovery, agency says
Global airline traffic is expected to approach 70% of pre-pandemic levels in 2022, Fitch Ratings said Wednesday.
Although the recovery will vary significantly by region, any tightening of travel restrictions to prevent the spread of the omicron variant may delay recovery, it said.
The rating agency noted that global airline traffic may not fully recover until the end of 2023.
“The new variant is unlikely to be the last and periodic concerns about virus mutations will be with the industry for several years,” it said. “Global supply chain disruptions are an obstacle for the aerospace sector’s recovery and may be exacerbated by new pandemic outbreaks.”
The agency said the rapid spread of omicron had led to the global commercial aerospace sector’s recovery remaining vulnerable due to renewals of travel restrictions.