If the global airline industry follows its historic path, it should be ripe for its next downturn. Roughly every eight years for several decades, the peak of a growth cycle has been reached. But 2018 could provide further support for the popular assumption that industry behavior and the resulting financial performance have changed structurally. Around eight years ago, the airline industry began to emerge from the 2009 global financial crisis. “But we see no reason for the pattern to ...

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