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Geneva: when business dipped sharply after the September 11, 2001 attacks.
The IATA chief said the ferocity of the international economic crisis had overshadowed gains made from airline restructuring and greater fuel efficiency in recent years, he said. "The industry remains sick," he added.
According to the IATA forecast, passenger traffic is set to fall 3 per cent next year, the first drop since 2001, while cargo is predicted to be 5 per cent lower in 2009 after contracting an estimated 1.5 per cent this year.
Air cargo, which accounts for 35 per cent of goods traded internationally, is generally seen as a strong indicator of the global economy. The drop will hit hard at Asia-Pacific carriers, who make up 45 per cent of the air cargo market, IATA said.
In October this year, there was a 7.9 per cent decline in goods shipped by air, the fifth month in a row of increasingly severe falls – a clear indication that "the worst is yet to come" for airlines and the slowing global economy, IATA said....
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