27-Sep-2011 8:45 AM

IATA applauds G-20 commitment to face global economic challenges

IATA applauded (26-Sep-2011) the commitment of G-20 finance ministers to deliver a “strong and coordinated international response to address the renewed challenges facing the global economy”. IATA urged speedy follow-up given the worsening economic conditions, particularly in Europe. IATA director general and CEO Tony Tyler said IATA sees a "worsening trend in the aviation sector with profitability due to slump to USD4.9 billion in 2012 which is a razor thin margin of just 0.8%." Economic uncertainty centred on Europe "is the biggest downside risk that we face", according to Mr Tyler. IATA called on European policy-makers to focus on aviation as a catalyst for economic growth. The region is disadvantaged by high taxes, which will be further exacerbated by the planned inclusion of aviation into the EU Emissions Trading Scheme from 2012. [more - original PR]