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Switzerland - IATA says World Airline Industry to Lose $4.7 Billion in 2009 says IATA
World airlines are set to lose $4.7 billion this year as a result of the global recession that has shrunk passenger and cargo demand, industry body IATA said. The International Air Transport Association had estimated in December the industry would lose $2.5 billion in 2009.IATA the Swiss-based body said its latest forecast was based on a view that the economy and air transport demand would hit bottom by mid-2009 and then start to recover.
"We do expect better prospects toward the end of this year or the beginning of 2010," Bisignani told a news conference at Geneva airport. Leading airlines have slashed fares to encourage continued travel and unveiled a range of cost-cutting measures to stay afloat throughout an economic slump. Fares should stay low throughout the year while airlines compete for the business that remains until global economic activity rebounds, Bisignani said.
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