The International Air Transport Association's outlook for premium airline traffic on North Atlantic and intra-Europe routes is "bleak."

Reporting a 0.6 percent year-over-year decline in the number of passengers flying in premium seats on North Atlantic routes during March, and a 1 percent increase on routes within Europe, IATA noted the effects of "recession throughout the eurozone and slow growth in the United States," including the impact of U.S. government spending cuts. "The weakness in developed economies, particularly in Europe, has caused international trade of developed countries to decline overall," IATA added. "By contrast, international trade in emerging economies—such as Asia, the Middle East and South America—has been increasing at a stronger rate, helping sustain the growth we are seeing in business-related premium travel." March premium traffic within the "Far East" region grew 12 percent year over year, accounting for about one-third of the overall 4.4 percent global increase. "Although China's GDP growth did not meet forecast expectations in Q1, there is no sign of any resulting weakness in business travel demand in the region," IATA wrote. "Emerging markets continue to be the major source of growth in international premium travel."