Page 31 - STAT November 2022 for Magzter

regionalreport

ECONOMIC TRENDS

AND THEIR IMPACT ON AIR

CARGO IN BENELUX

Inflation and recession like situation is hampering the cargo volumes in the
Benelux region. Economists and the industry leaders believe that the only solution
to getting out of this situation is first dealing with the situation.

Zinal Dedhia

or decades, the Benelux region Challenges affecting Airlines (ABC) was one of our most essential
has been a major air transport economic stats partners, however, it has now gone out of busi-
hub, resulting in a strong market According to Ayhan Kose, Chief Economist for ness. The loss of ABC has been substantial, with
Fposition in both passenger and the Equitable Growth, Finance, and Institutions a 7% drop, around 22 flights each week. Other
freight transit. This is due in part to its (EFI) and Director of the Prospects Group at the factors contributing to the crisis include rising
geographical advantage, but infrastruc- World Bank, next year's projected downturn in fuel prices, decreased worldwide demand, la-
ture and high-quality services also played economic activity — paired with rising infla- bour shortage, and increased pricing. Then we
a key role. tion — might be more like the 1982 recession, see the Economic Optimism Index in Euro Area,
However, due to a number of unantici- which was also accompanied by a succession signalling that we are going to enter the reces-
pated circumstances, Benelux's economic of debt crises. sion, as predicted by analysts. This is mostly due
development has suffered significantly in And, with rising food insecurity and to inflation in the Netherlands and elsewhere
recent years. Though Benelux is attempt- climate change concerns ahead, "things are in Europe. As a result of the war, inflation, and
ing to boost commerce, issues such as the likely to get worse before they get better" labour constraint, our volumes are suffering."
Ukraine-Russia war and rising fuel costs are for developing markets and low-income The number of cargo flights at Brussels
pushing the countries in the region into nations, according to Kose. Airport has dramatically decreased,
inflation. David van der Meer, Cargo Partnerships though it has recently recovered
Let us look at the challenges that Benelux Director, Amsterdam Schiphol Airport said, slightly. The number of cargo
is going through and the way they are “The Netherlands and Europe are confronting flights fell by 14% in Sep-
influencing the economies of each country several issues, the most notable of which is the tember 2022 compared
in this report. Ukraine-Russia war, which has had a huge influ- to September
ence on the Dutch economy. AirBridgeCargo 2021. Around

Photo: Brussels Airport

www.stattimes.com | NOVEMBER 2022 29