International Monetary Fund
The International Monetary Fund (IMF) is an organisation of 187 countries, which aims to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. It is a specialised agency of the United Nations but has its own charter, governing structure, and finances.
16 total articles
West Africa’s aviation industry is being led forward by Nigeria and Ghana. In Nigeria, the largest carrier, Arik Air, recently revealed itself as Boeing’s un-named B747-8 customer, while national carrier Air Nigeria is in the process of re-establishing its long-haul network. While the airlines are not without their problems, the market is growing and new entrants are appearing. In Ghana, the country is opening up to international carriers who are eager to increase their frequencies to the gold-producing country. Ghana itself is the site of one of Africa’s newest carrier, Starbow Airlines, and an impending base for pan-African LCC, Fly540.
Airbus predicted cities in these two countries, Accra and Lagos, will become “airline megacities” in the next 20 years, meaning they will handle 10,000 or more long-haul passengers a day. Accra and Lagos are two of just six** African cities tipped to become an “airline megacity”.
BAA, the UK’s largest airport operator, announced it handled 9.34 million passengers in May-2011, a 9.2% year-on-year increase. BAA said the strong increase, was helped by the late Easter holidays and Royal Wedding leading to more passengers at the beginning of the month.
From volcanic eruptions and earthquakes to blizzards and floods, the world has been unsettled by a wave of natural disasters in the past year. Coupled with "man-made" events, such as the political unrest in the Middle East and North Africa, at what point will private operators decide that airport investment under such circumstances is not worth the risk?
The IMF stated it would likely revise down its economic growth forecast for New Zealand “somewhat” from the 3% forecast, following the devastating earthquake in Christchurch which is expected to cost the New Zealand economy up to NZD20 billion (USD14.9 billion).
The political instability engulfing some North African states has extensive implications for tourism and aviation across the region. Already dozens of governments are warning their citizens to avoid travel to Egypt. Several have chartered aircraft to ferry their nationals out. Cairo Airport has been met with chaotic scenes in the past few days as thousands of foreigners seek to leave. In this special report, CAPA reviews the immediate aviation and tourism impacts from the North Africa/Middle East civil unrest.
With the announcement of new airport projects and continued economic and traffic growth, Turkey is once again demonstrating it is "Europe’s China": and not without foundation.