THE Global Cargo Council, Inc (GCCI) has cut its growth projections for 2008, from a high double-digit to low double-digit growth due to a slowdown in the US economy and stiff competition among Asian carriers for regional markets.
“We predict a 10-12% growth this year anchored on regional markets… lower than our earlier projection of medium to high double-digit growth. We will reevaluate the situation during the second semester. Maybe then we will see a clearer picture of what will happen in the US and in Europe and if we have to revise our growth projections again,” GCCI president Rene Philip Banzon told PortCalls.
“We predict a 10-12% growth this year anchored on regional markets… lower than our earlier projection of medium to high double-digit growth. We will reevaluate the situation during the second semester. Maybe then we will see a clearer picture of what will happen in the US and in Europe and if we have to revise our growth projections again,” GCCI president Rene Philip Banzon told PortCalls.
An exception would be regional markets propelled by the dizzying growth in China, Malaysia and India. However, the stiff competition could drag down rates problem, pulling down airline revenues.
