Aviation to account for $3.6 trillion of world GDP by 2026

KUALA LUMPUR: Some 50 million jobs and $3.6 trillion of the world's gross domestic product (GDP) will depend on aviation by 2026, an Oxford Economics report said.

According to the report 'Aviation: The Real World Wide Web', limiting aviation's growth to one per cent below the current trend would cost six million aviation related jobs and the industry's GDP contribution by $600 billion.

"Close to 20 million jobs could be supported by the Asia-Pacific region's air transport sector in 20 years. Currently air transport contributes around USD 170 billion to the Asia Pacific region's GDP," it said.

The report said while reduced growth in aviation would have considerably impact on global employment, economic output and social development, it would not necessarily imply lower emissions when the impact of replacement activities and alternative transport were taken into account.

"Aviation currently contributes two per cent of worldwide man-made carbon dioxide emissions and will be no more than three per cent by 2050," it said.

"It does appear that global economic growth is correlated with and dependent on growth in aviation. We have reached the conclusion that aviation has a special role in raising living standards," Oxford Economics MD Adrian Cooper said.