The International Air Transport Association now expects global airlines to lose $9 billion during 2009

, nearly double its March forecast of $4.7 billion. "After September 11, revenues fell by 7 percent. It took three years to recover lost ground, even on the back of a strong economy," said IATA director general Giovanni Bisignani. "This time we face a 15 percent drop ... in the middle of a global recession." According to IATA, Asia-Pacific carriers as a group will post the largest losses, around $3.3 billion, followed by European carriers ($1.8 billion) experiencing "collapsing demand for premium services in all major markets."