GENEVA (Reuters) – 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.
"The state of the airline industry today is grim. Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago," Director-General Giovanni Bisignani said on Tuesday.
"The relief of lower fuel prices is overshadowed by falling demand and plummeting revenues. The industry is in intensive care."
IATA, which represents 230 airlines including British Airways (BAY.L), Cathay Pacific (0293.HK), United Airlines (UAUA.O), and Emirates (EMIRA.UL), also raised its estimate of international airline losses in 2008 to $8.5 billion, from its previous $8 billion estimate.
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.
RT - Patriots. We are gearing up! Stay tuned. Even as Dugasse and Butler- Payette steps aside this administration led by Michel is banking that it willbe able to coast to 2011. Government houses will be released to families in late 2010. Economic forecasts look to a global rebound in late 2009 and 2010. And the next elections in Seychelles? 2011? Who will claim credit? Will the people forget and allow to be 'cowed' again?
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