It has been said that in a recession you tighten your belt, with a depression you have no belt left to tighten – but when you’ve lost your trousers you’re in the airline business! Running a profitable airline has always been difficult, and during the present economic downturn it is even harder. Many airlines are struggling, and things do not look likely to change in the foreseeable future. So where is the airline industry heading?
The Airline Casualties
The International Air Transport Association (IATA) reports that world airlines list $17 billion in 2008, and they forecast losses of $11 billion for 2009. Fuel prices have increased, and customer numbers are down. A large number of airlines have gone bust, with many more struggling to survive. An example is Japanese Airlines, which in 1982 was the world’s largest airline – in January 2010 it joined the list of bankrupt airlines.
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