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Updated Thursday, December 11, 2008 11:30 am TWN, Reuters

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Airlines face worst crisis in 50 years: IATA

GENEVA -- Global airlines are heading into their worst business crisis in 50 years with carriers facing possible collapse, revenues tumbling and hundreds of thousands of jobs at risk, the industry body IATA said on Tuesday. In a forecast for 2009, it said losses were expected to total US$2.5 billion despite a boost from falling oil prices, with European airlines’ deficits soaring tenfold over 2008 to US$1 billion and Asia-Pacific’s doubling to US$1.1 billion.

“The outlook is bleak and the chronic industry crisis continues as we face the toughest revenue environment in 50 years,” said Giovanni Bisignani, director-general of the organisation which groups some 230 international airlines.

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