Compendium: The Global Airport Industry - Search for the New Normal
As the cataclysmic economic events of 2008 recede in the rear view mirror, the airport industry around the world is seeking to identify and craft new operating parameters, and investigate ways in which it can benefit from the changed environment. In fact, the industry is striving to identify its “new normal” state.
As described by Mohamed El-Erian, the CEO of Pimco (one of the world’s largest bond fund firms), the term “new normal” was coined to caution against the prevailing view that post-crisis industrial economies would revert to their most recent means. The term refutes the notion that the crisis was a mere flesh wound, easily healed with time; instead, the crisis cut to the bone. The “new normal” concept captures what is likely to happen, not what should happen.
The series of articles presented on the following pages reflects our thoughts on what the “new normal” is for the global airport industry, and how it varies depending on the nature of the local economy and aviation market.
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