The International Air Transport Association (IATA) has extended its projection for an industry recovery until 2023, a year later than previously forecast. The airline industry trade group attributed the revision to slow virus containment in the US and other developing countries, reduced corporate travel and weak consumer confidence. IATA said corporate travel budgets are expected to be “very constrained” as companies continue to be under financial pressure even as the economy improves. In addition, while historically GDP growth and air travel have been highly correlated, surveys suggest this link has weakened, particularly with regard to business travel, as video conferencing appears to have made significant inroads as a substitute for in-person meetings. IATA now forecasts that global enplanements will fall 55% in 2020 compared with 2019 (the April forecast was for a 46% decline). Passenger numbers are expected to rise 62% in 2021 off the depressed 2020 base, but will still be down almost 30% compared with 2019.