This trend will be driven by the economic expansion India, according to IATA. The organization also said that cargo volume, which follows the trends in world trade, is also likely to see a 6% annual increase in 2004-2008.The forecasts were released as a part of IATA’s year-end outlook, Reuters reported.
IATA also predicted that India will be the world’s second fastest growing market for air travel after China. According to the organization India is likely to lead the global economic expansion for the foreseeable future and this will create long-haul business traffic to and from North America, while the growth in air travel between North America and India is expected to exceed 10%. Three former Soviet Bloc countries will also be among the five fastest growing passenger markets during the period, with Poland at 5% Hungary at 9.6% and the Czech Republic at 9.1%, which is just behind United Arab Emirates at 9.3%. The UAE is fourth on IATA’s forecast list of the fastest growing passenger markets.
While the Indian airline industry is viewed as immature, it has incredible growth potential. In fact, observers say it will boast a growth rate among the highest in the world, and will eventually have the largest domestic market outside the U.S. and China.
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