The International Air Transport Association (IATA) called 2001 the “worst ever year†for air transport in its 2002 World Air Transport Statistics. In 2001 international passenger traffic was down 3.8% on 2000 levels, and international freight traffic fell by 7.0%. However, the air transport market is resilient and in mid-2002 IATA forecast that a recovery would begin during the year, with international passenger traffic growing by 0.9% pa and international freight growing by 2.7% pa.
There is a significant correlation between economic growth and demand for air transport. In the there is a correlation of 68.2% between economic growth and passenger numbers and a 59.8% correlation with air freight volumes.
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(source: King Sturge)
