A loss of $2.5 billion for the year 2009 throughout the aviation industry has been predicted by the International Air Transport Association, amid the wort environment for revenue in half a century. They anticipate that most regions will report a greater loss next year than this year. Revenues throughout the industry are anticipated to drop to $501 billion, which is $35 billion fall from the revenues forecast of $536 in 2008. The revenues drop is the first the country has experienced since the decline of 2001 and 2002.

Giovanni Bisignani, the Director General and Chief Executive Officer of the International Air Transport Association, said that the outlook is gloomy, with the crisis continuing into 2009, bringing losses totaling $2.5 billion. The worst environment for revenue in 50 years is ahead of us, he added.

It is expected that passenger traffic will drop 3% after a 2% increase this year. This will be the first passenger traffic decline since 2001, when it fell by 2.7%. Cargo traffic is also anticipated to fall 5% after a 1.5% gain this year. The last time cargo fell was in 2001 by 6%. The price of oil is anticipated to average $60 a barrel, adding up to a $142 billion bill, which is $32 billion less than this year, when the average price per barrel was $100.

Bisignani added that next year is still going to be tough for everybody. Asia-Pacific airlines are predicted to lose double that of this year to $1.1 billion. European airlines’ losses are anticipated to rise 10-fold to $1 billion. Latin American and Middle Eastern carriers are predicted to double their losses as well to $200 million.

Get more information at: www.iata.org