Global downturn ‘worse than 9/11′ for airlines
Monday 8th June 2009, 10:21AM BST.
The global recession is having a more detrimental effect upon the financial health of the world’s airlines than the aftermath of the September 11th terrorist attacks, it was claimed today.
According to the International Air Transport Association (IATA), global losses for 2009 will stand at $9 billion, almost double what was forecast in March.
IATA, which represents 230 airlines with a 93 per cent share in international air traffic, said the global recession would lead to a 15 per cent drop in revenue, compared to the seven per cent fall felt after 9/11 in 2001.
“There is no modern precedent for today’s economic meltdown,” said Giovanni Bisignani, IATA, head to the organisation’s annual meeting in Kuala Lumpur, Malaysia.
“The ground has shifted. Our industry has been shaken. This is the most difficult situation that the industry has faced.”
Mr Bisignani added that losses in 2008 had been revised from $8.5 billion to $10.4 billion.
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