The airline industry will suffer a $2.5bn net loss next year despite the big fall in the oil price, as carriers are overtaken by falling demand for air travel amid the deepening recession in several leading economies.
“The outlook is bleak. The chronic industry crisis will continue into 2009. We face the worst revenue environment in 50 years,” Giovanni Bisignani, director general of the International Air Transport Association (Iata), said on Tuesday.
As someone once said, the oil price is a sideshow..
Worst in 50 years is a bit scary.
WWW