Airline group predicts 'grim 2009' with $4.7 billion in industry losses

The world's airlines will lose 4.7 billion dollars in 2009, according to a forecast by industry group IATA. Asian airlines will be hit hardest, and only North American carriers will show a profit, the group says.The airline industry association IATA on Tuesday sharply increased its loss forecast for carriers to 4.7 billion dollars (3.4 billion euros) this year due to a "rapid deterioration of the global economic conditions."The new forecast given at the International Air Transport Association's annual media event marked a sharp rise from the 2.5 billion dollars in losses predicted by IATA in December.The industry group also raised its estimate of total airline losses for 2008 from 8.0 billion dollars to 8.5 billion dollars, blaming a "very sharp fall in premium travel and cargo travel.""The state of the airline industry today is grim," said Giovanni Bisignani, IATA's director general."Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago.""There is little to indicate an early end to the downturn," he added, predicting a "grim 2009".