The ‘aerospace and aviation industry’ is a crucial sector of the global economy, making a significant contribution to air transportation, trade, employment, national security, as well as the overall economic growth of the world.
According to a report by the Aerospace Industries Association (AIA), the aerospace and defense industry generated US $892 billion in revenue and employed more than 2.1 million people during 2021, despite all the inflationary pressure and continued pandemic recovery.
According to the Pakistan Aerospace Council (PAeC), the commercial aviation industry contributed US$ 2.7 trillion (3.5 percent of GDP) to the global economy in 2020. The industry still has the capacity to grow exponentially, as Boeing — a leading aircraft manufacturer — forecasts that there will be a demand for more than 43,500 new aircraft worth US$ 7.2 trillion by 2040. Read Full Op-Ed
