The International Air Transport Association reduced its 2008 global airline industry profitability forecast to $5 billion from $7.8 billion

. The group cited higher fuel prices and slower revenue growth resulting from "the broadening impact of the credit crunch." IATA director general and CEO Giovanni Bisignani said, "The peak of the business cycle is over and we are still US$190 billion in debt. So we could be heading for a downturn with little cash in the bank to cushion the fall."