Passenger traffic at airlines in several key Asia-Pacific (APAC) markets is likely to remain well below 2019 levels in 2021, despite a recovery, Fitch Ratings says. The pace of the recovery will hinge on each market’s relative success in bringing the coronavirus pandemic under control, helping to improve passenger confidence and reduce the risk of further travel restrictions, as well as its share of international traffic, which Fitch expects to stay weaker than domestic volume. Fitch’s forecasts are based on the assumption that a vaccine or treatment will not become available at scale in 2021, but that progress is made

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