To illustrate, IATA (International Air Transport Association) is reported to state that it expects losses to the tune of 5 billion USD worldwide in 2009.
The head of IATA Giovanni Bisignani said "The Industry is curreny facing its worst conditions for 50 years".
It sewems that although the price of oil recenty dropped notably, the sector is suffering from a massive decline in passenger numbers, both business and private.
The airlines in best position to survive this downturn are the stronger Budget Airlines such as Easyjet.
Let's hope that the Industry takes a long introspective look at itself and starts to increase the quality of services again, with more options balanced with price.
Grant Holmes
Editor
Perpetual Traveller
Written by Progress
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