The International Air Transport Association (IATA) revised forecast projects the regions airlines are likely to see a $900 million loss in 2009 due to falling revenues, high fuel hedging positions, and overcapacity.
The $900 million projected loss is more than four times higher than IATA’s original projected loss of $200 million for Middle Eastern airlines in 2009. IATA revised its forecast due to the strength and speed of the economic downturn.
