Aviation sector will only fully recover in 2024 or 2025: ING

It will take years for the aviation sector to recover from the blows it suffered in the coronavirus pandemic, according to the ING economic bureau. The economists expect that recovery will start in the second half of this year, but a full recovery won't happen before 2024 or 2025, ANP reports.

With coronavirus vaccination picking up in more and countries, travel is expected to pick up again in the second half of 2021. Holiday trips will come back fastest. Business travel will return more slowly, according to the bank. The economists expect that passenger volume worldwide will reach about 40 or 50 percent of pre-corona levels this year.

According to ING, global shipping recovery is recovering faster than expected thanks to global trade picking up. The bank expects that average seaborne trade volumes will exceed pre-pandemic levels this year. Though the cruise industry will take longer to recover.