Two days of intense discussions on the airline industry’s most important issues will take off when the 68th IATA Annual General Meeting and World Air Transport Summit opens in Beijing on Monday. The event will bring together around 650 leaders in the global aviation industry. With oil prices remaining high, although moderating from recent peaks, the European sovereign debt crisis unresolved and starting to affect Asia’s export-driven economies, and the slow and largely jobless recovery from the 2008 global financial crisis, they will have plenty to discuss. Air China is hosting the event.
“Passenger demand is strong, cargo is weak and the industry’s profitability remains razor thin,” said Tony Tyler, IATA’s director general and chief executive.
In March, the association announced its industry outlook for a $3.0 billion profit on $633 billion in revenues for a net margin of 0.5%. On Monday, the association will revise this outlook taking into consideration the volatility over recent months.
[pictured: New terminal building, Beijing Capital International Airport]