IATA update air passenger forecast after dip in long-term demand

The International Air Transport Association (IATA) has released its updated passenger growth forecast projecting passenger numbers to reach 7 billion by 2034, showing a dip in long-term demand.
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This represents a 3.8% average annual growth in demand, and double the 3.5 billion passengers expected in 2015.
 
IATA marked the five fastest increasing markets as China, the US, India, Indonesia and Brazil.
 
This is an update of the forecast released last year, explained by Tony Tyler, IATA’s director general and CEO: “Economic and political events over the last year have impacted some of the fundamentals for growth. As a result, we expect some 400 million fewer people to be traveling in 2034 than we did at this time last year. Air transport is a critical part of the global economy. And policy-makers should take note of its sensitivity. The economic impact of 400 million fewer travelers is significant.”
 
Last year IATA forecast 7.4 billion passengers in 2034, based on a 4.1% average annual growth rate.