The global airlines industry is expected to lose $4.7 billion in 2009 as the global financial crisis takes its toll on passenger and cargo demand, according to a statement released by the International Air Transport Association, I.A.T.A. on Tuesday.
The latest estimate represents almost 90% worse than IATA’s initial forecast in December, which estimated the airlines industry’s losses for 2009 at $2.5 billion.
IATA represents some 230 airlines including British Airways, United Airlines and Emirates. Airlines in Europe and Asia will be particularly hard hit, with North American airlines expected to fare better.
The slowdown is also taking it’s toll on deliveries of Boeing and Airbus planes, with only 700 jets from Boeing and Airbus to be delivered to airlines until 2011, compared with original delivery estimates of 1,400 jets for 2009 alone.
Image by lrargerich under Creative Commons.
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