If Chief Economist Brian Pearce and his team at the International Air Transport Association (IATA) had put together their 2019 forecast a few months ago, they very likely would have painted a bleaker picture of what airlines are facing: fuel costs rising sharply and unexpectedly leading to a substantial decline in profits—and more airlines on the brink of collapsing.  They did not issue a forecast then and waited until the end of 2018 to release their initial guidance for this ...

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