By Charles Riley, CNN BusinessThe biggest question facing investors is how quickly the global economy can recover from the coronavirus pandemic.
Longer than expected may be the answer, if new data and forecasts from the travel and energy sectors are any indication.
The agency said its first downgrade in several months reflected the stalling recovery in travel, the high number of coronavirus cases and weakness in the aviation sector.
It’s reducing the size of its German fleet, restructuring its business in France and closing 166 travel agencies in the United Kingdom.
“It is desperately worrying to see a further decline in prospects for air travel this year, and the knock-on impact for employment and prosperity,” said Rafael Schvartzman, IATA’s regional vice president for Europe.