The International Air Transport Association widened to $4.7 billion from $2.5 billion the projected 2009 loss for the global air transport industry

, "reflecting the rapid deterioration of the global economic conditions." IATA predicted a 5.7 percent reduction in global annual passenger traffic and a total annual revenue decline of 12 percent. IATA expects North American carriers to post aggregate profits of $100 million and predicted that carriers in the hardest-hit Asia-Pacific region would lose $1.7 billion.