Entering the second half of 2021, the worst of the aviation industry's COVID-19 downturn may be behind us, but the pandemic's impact is not. Just how long its effects will linger is an open question, but the road to recovery looks long and winding.

The aviation industry outlook from just 1.5 years ago already feels like it's from some distant past. At that time, rosy growth predictions made it seem like the industry's good times would continue indefinitely. But what a difference a year makes. The COVID-19 pandemic put the aviation industry in a crisis much deeper than ever before. A long stretch of sustained growth was stopped in its tracks in 2020. While domestic passenger traffic for all large countries is gradually reaching pre-Covid levels, the restrictions on international travel makes it tough for the sector to bounce back completely. The increasing vaccination pace definitely gives the airport operators and other stakeholders a hope of a faster recovery.

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