Airlines to post $5.6bn in losses in 2010, says IATA

The International Air Transport Association expects the global airline industry will take at least three years to recover from a travel slump caused by the worst recession in six decades, Bloomberg has reported. Giovanni Bisignani, CEO of the trade body said the industry lost $50bn in the past 10 years, of which $11bn was in 2009 alone. Revenues declined by $80bn last year. IATA also estimates airlines to post losses totalling $5.6bn this year.