{"id":354492,"date":"2011-03-31T19:08:02","date_gmt":"2011-03-31T19:08:02","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/31\/political-unrest-slows-global-growth\/"},"modified":"2011-03-31T19:08:02","modified_gmt":"2011-03-31T19:08:02","slug":"political-unrest-slows-global-growth","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/31\/political-unrest-slows-global-growth\/","title":{"rendered":"Political Unrest Slows Global Growth"},"content":{"rendered":"
\n

By Jimoh Babatunde
The International Air Transport Association (IATA) yesterday attributed the slippage in passenger demand growth to\u00a0 the political unrest in the Middle East and North Africa.<\/p>\n

The Association said February demand growth was down significantly from the revised 8.4% and 8.7% expansion recorded in January for passenger and cargo traffic respectively.<\/p>\n

In addition to the political unrest in the Middle East and North Africa, the more dramatic fall in cargo growth (from 8.7 per cent in January 2011 to 2.3 per cent 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.<\/p>\n

\u201cAnother series of shocks is denting the industry\u2019s recovery from the recession.<\/p>\n

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.<\/p>\n

The industry fundamentals are good. But extraordinary circumstances have made the first quarter of 2011 very difficult,\u201d said Giovanni Bisignani, IATA\u2019s Director General and CEO.<\/p>\n

February marked a decline in load factors in both the cargo and the passenger business. February passenger load factors stood at 73.0%. On a seasonally adjusted basis they have lost 2.2 percentage points on peak levels as capacity additions have consistently exceeded demand growth.<\/p>\n

Freight load factors have deteriorated even faster to 51.6%. This is 4 percentage points below their peak in May 2010, on a seasonally adjusted basis.<\/p>\n

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