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The Aerospace Industry Powers Up

October 22, 2021
Joëlle Noreau
Senior Economist

The COVID-19 pandemic rocked the global economy, with the aerospace sector particularly hard hit. The domino effect caused by countries imposing strict public health measures, followed by lockdowns, border closures and the sudden and lengthy decline in passenger flights, was catastrophic. The effect on aircraft production and maintenance was swift, leaving the Quebec aerospace industry unable to dodge the impact. The question now is, how will the industry get back on its feet? According to International Air Transport Association (IATA) forecasts, the civil aviation industry will have to wait until 2023 to see a return to 2019 passenger levels. Overall, this would be fairly fast, especially in relation to the size of the decrease and the other events that have affected the aviation industry since the early 2000s. So, does this mean that the aerospace industry will be sitting on the sidelines, waiting for the recovery? Not at all. Given the work program and challenges that lie ahead, companies will be looking for solutions to increase competitiveness in time for when the orders start rolling in again. For this to happen, they’ll need to invest and seek support.

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