Airline losses expected to reach $4.7 billion in 2009

World airlines are expected to lose $4.7 billion this year as a result of the global recession, which has shrunk passenger and cargo demand, the main industry body said Tuesday.

The International Air Transport Association, known as I.A.T.A., estimated in December that the industry would lose $2.5 billion in 2009.

‘‘The state of the airline industry today is grim,’’ the association director-general, Giovanni Bisignani, said Tuesday. ‘‘Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago. The relief of lower fuel prices is overshadowed by falling demand and plummeting revenues. The industry is in intensive care.’’

Read Full Article from International Herald Tribune

- Posted: 2009-03-24 09:53:42

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