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The global airline industry will need at least three years to recover after the significant decline in traffic caused by the recession, estimates Giovanni Bisignani, the general manager of the International Air Transport Association (IATA).
This last decade, the industry lost USD 50 billion, of which 11 billion in 2009 alone, when the industry"s turnover decreased by 80 billion dollars.
"These are shocking numbers", said Bisignani, who added: "We had ten awful years. At least three years will be needed to get back the three years of lost growth".
This year, the airlines of the world will most likely post losses of USD 5.6 billion, according to the IATA official.
Giovanni Bisignani said that several airlines could go bankrupt in 2010. 34 companies in the industry have disappeared from the market since 2008.
Last week, IATA announced that international passenger traffic decreased 3.5% YOY in 2009, and the load factor was 75.6%. Freight traffic decreased 10.1% in 2009, and the load factor was 49.1%.
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