IATA reversed its 2010 air industry forecast to a $2.5 billion global profit from the $2.8 billion loss it had projected in March

. The International Air Transport Association cited a recovering global economy that has generated a "strong" rebound in overall traffic to "pre-recession levels" and a "sharp" increase in business travel. "Despite earlier fears that the financial crisis would result in a structural change to the premium market, it now appears to be recovering cyclically in many regions--alongside improvements in global trade," according to IATA. "World trade is still rising sharply and surveys show business confidence, outside Europe, has regained pre-recession levels." The group expects the airline sector in all regions to post overall net profits, except Europe, where it predicted a $2.8 billion loss.