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The world's airlines will collectively lose $9 billion US this year — nearly double the previous projections — and face a slow recovery as the economic crisis saps air travel and cargo demand, an industry body warned Monday.
The International Air Transport Association, which represents 230 airlines worldwide, increased its loss estimate from the $4.7 billion it forecast in March, reflecting a "rapidly deteriorating revenue environment."
It said passenger traffic for 2009 is expected to contract by eight per cent from a year ago to 2.06 billion travellers. Cargo demand will decline by 17 per cent.