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,

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