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ICAO medium term forecast

Towards the end of July in Montreal ICAO announced that it expects global air traffic to grow by about 5.3% in 2011, 6.2% in 2012 and 6.1% in 2013, in terms of
passenger-kilometres performed. The projected increases reflect positive economic prospects worldwide, based on an average 3.5% growth in the world Gross Domestic Product (GDP) for the next three years, as estimated by IHS/Global Insight, a major economic forecasting organization.

Despite multiple headwinds, such as potentially higher oil prices and the implementation of fiscal austerity policies in key economies, this reduced forecast from the 3.9% global GDP growth in 2010 should, nevertheless, allow the
momentum in traffic growth to continue, fuelled by strong air travel demand due to improved household balance sheets and robust business cash flows.