Emirates cargo boss hopes for ‘U’ shaped recovery

It may seem contrarian, but there is at least one air cargo executive out there that does not wish for a sharp recovery in the global economy. Speaking to Payload Asia on the sidelines of the recent Air Cargo Europe event, Ram Menon divisional senior VP for Emirates SkyCargo said he hopes for a gentle recovery.

air cargo handling Boeing 777F Emirates SkyCargo global economic recovery Ram Menen

“This is clearly the worst recession since 1930s and we thought history wouldn’t repeat itself, but it did and here we are in the middle of it,” he said noting that March and April saw the worst cargo volumes thus far.

“I think we’re over the bottom,” the SkyCargo boss said with some optimism citing the visible stability in the stock markets over the past few months. “We’re starting to see a slowing of decline and I’m still very hopeful that in last quarter this year we will see signs of recovery.”

“But this is one recovery that I hope is not a ‘V’ shape because the very foundations of he economy have been shaken, so we need a little bit of healing there and settling down that’s why a ‘U’ shaped recovery is a better one and that’s what it looks like we’re going through now,” he said.

He pointed to the fairly steady fluctuations in the stock market which gives rise to wealth creation, and this should continue over the next few months he said. “But if the recovery starts going drastically high, the danger is, because the foundations are not strong enough at the moment the global economic recovery could turn into a ‘W’ shape and a ‘W’ scenario means that weare all in deep trouble.”