$2.5 billion loss in 2009, says IATA

IATA has warned that airlines will lose $2.5 billion in 2009.

The association said all regions except the US could expect higher losses than those seen during 2008.

IATA chief executive, Giovanni Bisignani, said that while the outlook was “bleak" and the worst for 50 years, US carriers will benefit from lower oil prices and cutbacks made this year to post a modest $300 million profit in 2009.

Source: Routes News