According to IATA – Airlines expected to lose $9 billion this year,
The world’s airlines will lose $9 billion this year after shedding $10.4 billion in 2008, IATA DG and CEO Giovanni Bisignani said Monday.
Addressing delegates at the 65th IATA Annual General Meeting in Kuala Lumpur, Bisignani said, “There is no modern precedent for today’s economic meltdown” and expressed doubt that growth will resume by year end, making the case instead for an “L-shaped” recovery. “I am a realist. I don’t see facts to support optimism,” he said.
IATA expects annual airline revenues will fall by $80 billion this year to $448 billion from $528 billion in 2008. Bisignani also warned that “whether this crisis is short or long, the world is changing. . .It will not be business as usual.” He cited, for example, the growth of videoconferencing during the downturn, which is now “a stronger competitor” to air travel.
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