The International Air Transport Association (IATA) forecast $29.3 billion revenue loss for global aviation sector in 2020 due to the new coronavirus outbreak.
The revenue loss represents a 4.7% hit to global demand, the IATA said in a statement on late Thursday.
IATA CEO Alexandre de Juniac stressed the reduction in global air traffic of 4.7%, the first overall decline in demand since the global financial crisis of 2008-09.
Lower fuel costs will help offset some of the lost revenue, Juniac noted.
The carriers in the Asia-Pacific region is expected to see $27.8 billion revenue loss.
Of this figure,