Airlines around the world could lose a combined $9 billion this year, an outlook nearly twice as grim as the one issued just three months ago. Revenues could fall by a record 15%, or $80 billion, according to an updated forecast from the International Air Transport Association. "There is no modern precedent for today's economic meltdown," said CEO Giovanni Bisignani during a conference in Malaysia. "The ground has shifted. Our industry has been shaken. This is the most difficult situation that the industry has faced."
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