Middle East carriers face more turbulence according to the International Air Transport Association’s (IATA) revised annual forecast.  IATA said airline industry losses will reach $1.5 billion (Dh5.5 billion) by the end of the year. Previously IATA forecast losses of $200 million (Dh734 million).  IATA explains that the region’s geographic location is the centerpoint for several international hubs which means it is severely impacted by the recession in Europe and Asian, which are source markets.  

IATA Director-General said “There is no modern precedent for today’s economic meltdown.  The ground has shifted.  Our industry has been shaken.”  Giovanni Bisignani addressed top industry leaders about the economic slowdown at the IATA annual general meeting and world air transport summit yesterday.  He said the current economic meltdown is the worst situation the airline industry has ever faced.