year in review
Changing Fortunes,
Even Volcanic Growth The airline industry won’t be looking back at 2009 with any degree of nostalgia. IATA’s Giovanni Bisignani said that 2009 goes into the history books as the “worst year” that the industry has seen since 1945, with global passenger traffic down 3.5% and freight by 10.1%, resulting in total industry losses of some $9.9 billion. More losses were forecast for 2010 but in May IATA abruptly changed a forecast 2010 industry loss of $2.8 billion into a global earnings forecast of $2.5 billion. Airline industry resilience remains impressive. Editor in Chief Chris Lehman takes a look at the highlights.
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CAT MAGAZINE • ISSUE 4/2010