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Airlines forecast $2.5 billion loss in 2009
By EmploymentCrossing.com
http://www.EmploymentCrossing.com
The main international airlines association says the industry will globally lose $2.5 billion in 2009.
The International Air Transport Association says all regions are expected to report larger losses in 09' than 08', except the US.
IATA chief executive Giovanni Bisignani says "the outlook is bleak" but U.S. carriers will benefit from lower oil prices and cutbacks made this year to post a modest $300 million profit in 2009.
He also said the global airline industry faces the worst revenue environment in 50 years.
The IATA also predicts that passenger traffic will drop for the first time since 2001.
The drop in air passenger traffic coupled with the $2.5 billion dollar loss is sure to result in further job losses with in the aviation industry.
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