Political unrest slows global growth
March 29, 2011 - LM Editorial
The International Air Transport Association (IATA) today announced scheduled international traffic for February 2011 showing increases of 2.3 percent for cargo demand compared to February 2010.
February demand growth was down significantly from the revised 8.7 percent expansion recorded in January for cargo traffic. The political unrest in the Middle East and North Africa during February is estimated to have cut international traffic by about 1 percent.
In addition to the political unrest in the Middle East and North Africa, the more dramatic fall in cargo growth (from 8.7 percent in January 2011 to 2.3 percent in February) was impacted in part by factory shutdowns due to the Chinese New Year period which fell in the first part of February in 2011.
“Another series of shocks is denting the industry’s recovery from the recession,” said Giovanni Bisignani, IATA’s Director General and CEO. “As the unrest in Egypt and Tunisia spreads across the Middle East and North Africa, demand growth across the region is taking a step back. The tragic earthquake and its aftermath in Japan will most certainly see a further dampening of demand from March. The industry fundamentals are good. But extraordinary circumstances have made the first quarter of 2011 very difficult.”
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