Singapore’s Changi airport claims of a horrible economical crisis in the future as the COVID-19 pandemic show no signs of subsiding.
For the eight consecutive years, it has been voted as one of the best airports across the globe.
Authorities have suspended the functioning of two major terminals after flights reduced to the lowest number in history. Almost two years ago construction of a fifth terminal was also suspended.
According to the annual report issued by Changi airport the times ahead seem intimidating since as COVID 19 pandemic shows no signs of subsiding
Changi airport recorded a severe downturn of passengers from 23 March onwards. The impact diminished all the gains from the previous year. Overall, 36% of profits were reduced as the figures went down from $435 m to $319m.
Last year Changi airport launched Jewel, one of the largest shopping and entertainment complex covering an area of 1.5 m square feet. What makes it distinct is it owns the world’s highest indoor waterfall, a rain forest, a hedge maze, and a large number of stores and outlets.
This new complex has attracted a lot of visitors and revenues were boosted by 2.6% to $3.1bn.
Jewel holds a significant position for the Singapore economy. But it is disappointing to currently witness the grim condition of this international hub. Financial recovery of these international complex depends upon how efficiently countries manage travel services and quick availability of medical treatments against the deadly virus
International Air Transport Association (IATA) claims the summer 2020 travel season as appalling. It says estimated time when the flight will resume back towards normality is believed to be near 2024. The economic downfall is here to stay for a longer time and economic recovery may take years.
UK-based analysts Skytrax ranked Changi airport as one of the best airports globally for the eighth time in a consecutive row.
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