Boeing raises 20-year forecast to $4.5 trillion

US planemaker Boeing hiked its 20-year market forecast, predicting demand for 34,000 new aircraft worth $4.5 trillion, on growth in emerging regions and as airlines seek efficient new planes to counter high fuel costs.

Many airlines are facing tough conditions as consumers and businesses in austerity-hit regions cut back on travel, while high fuel prices are taking their toll on profit.

“I don’t think there’s any question that the forecast reflects the economic struggles we see today in some of the mature markets,” Randy Tinseth, vice president marketing at Boeing Commercial Airplanes, said.

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Boeing said the market for new planes would become more geographically balanced over the next two decades, with the Asia-Pacific region leading the way in deliveries.

The company had last year forecast demand for 33,500 new passenger aircraft and freighters worth $4 trillion by 2030.