The world economy has been badly hit due to the COVID-19 pandemic. Various sectors and small businesses have been affected financially and economically. Amongst the worst affected is the aviation sector. The Dubai-based, Emirates group is planning to cut around 30,000 jobs to reduce the cash-burning and further losses, amidst the ongoing coronavirus pandemic. Resources claim that 30% of 1,05,000 employees could soon become jobless.
Moreover, the Emirates group is also speeding up the process of retiring its A380 aircraft fleet. One of the biggest aviation companies is even planning in conducting a review of cost and resourcing against business projects. They are trying their best to sustain through these tough times. The company is planning to raise debt to help itself survive through the pandemic. Emirates predicts that the future of the aviation industry is not at all easy and the recovery will take another 18 months.
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