IATA says airline losses to reach $11 billion

Industry association IATA today predicted that airlines would lose $11 billion this year, up from the $9 billion forecast earlier.

'The outlook for the industry has deteriorated. We are now expecting losses of $11 billion' for 2009, said Giovanni Bisignani, who is director-general of the International Air Transport Association.

He also said that the industry would lose $3.8 billion next year
European carriers are expected to be worst hit this year, with losses of $3.8 billion, twice as much as the $1.8 billion initially predicted.

Asian-Pacific airlines should post losses of $3.6 billion, slightly up from the previous forecast of $3.3 billion. North American carriers should lose $2.6 billion, more than twice the earlier estimate of $1 billion, IATA said.

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