The International Air Transport Association (IATA) revised its global airline financial forecast for 2009 on Monday, nearly doubling the global loss to 9 billion U.S. dollars.
The increased loss prediction reflected "a rapidly deteriorating revenue environment", the IATA said as its 65th Annual General Meeting officially opened here.
In March this year, the IATA forecast the loss for 2009 at 4.7 billion U.S. dollars
The association also revised its loss estimate for 2008, raising the figure to 10.4 billion U.S. dollars from the previous estimate of 8.5 billion U.S. dollars.
The aviation industry has faced the most difficult situation due to the current economic meltdown, said Giovanni Bisignni, IATA's Director General and Chief Executive Officer (CEO), describing it as "unprecedented".
"The ground has shifted. Our industry has been shaken," he said, noting the recession was the most significant factor impacting the industry's bottom line.
The IATA also revised its revenues forecast for 2009 to 448 billion U.S. dollars, an unprecedented decline of 15 percent from 2008.
On air cargo, the IATA forecast global airlines would carry 33.3 million tonnes of freight, a decline of 17 percent from 2008.
Passenger demand is expected to contract to 2.06 billion travelers, down 8 percent compared with 2008, according to the association.
The global airline revenues from cargo transport are expected to drop 11 percent, while the revenues for passenger transport are expected to decrease by 7 percent, it said.