IATA airline losses prediction increased
04.06.09
Airline losses worldwide this year will be wider than expected, as the global recession hits demand for travel and business-class fares, the International Air Transport Association (IATA) said. Its new forecast for 2009, to be announced on June 8, will be ‘substantially worse’ than the March estimate of losses of $4.7 billion, IATA Chief Executive Officer Giovanni Bisignani said in Kuala Lumpur yesterday.
IATA’s 230 members account for 93 percent of scheduled international air traffic. Mr Bisignani reiterated that the industry may not recover until 2011. He said: ‘The global economy hasn’t started to recover, while more bad things like swine flu are spreading. Meanwhile, oil has started to rise again, and airlines are already very weak. It’s difficult to imagine profits for the airline industry in the next couple of years.'
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