"The deterioration in traffic is alarmingly fast-paced andwidespread," says ATA director general and CEO Giovanni Bisignani."Even the good news that the oil price has fallen to half its Julypeak is not enough to offset the impact of the drop in demand. Atthis rate, losses may be even deeper than our forecast of $5.2billion for this year."
The IATA reports the freight declines have slowed year-to-dategrowth to 0.1%, with all regions except the Middle East and Africareporting negative results. It says Asia Pacific carriers, thelargest players in the market, suffered the most serious drop at10.6%, while European and North American carriers, which had seenflat growth through August, saw cargo traffic fall 6.8% and 6%,respectively.
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