IATA cut to $4 billion from $8.6 billion its 2011 profit forecast for the global airline industry

, citing increasing oil prices. The International Air Transport Association also downgraded by more than a percentage point to 4.4 percent its passenger demand growth forecast, due in large part to a decline in "price-sensitive leisure travelers." IATA, however, pointed to strength in business traffic, as "the corporate sector is cash-rich, business confidence is high and world trade continues to expand at around 9 percent annually." Growing by up to 6 percent year over year, premium passenger demand is "robust," according to IATA, though lower than the 9 percent growth recorded for 2010.