This is IATA Data....
This projection is for IATA carriers throughout the world, which basically includes larger, legacy carriers.
It does not include most LCC's (which are gaining business at the expense of legacies) and, more importantly for us, the outlook here in the US is much better than the global projection...
US airlines, already operating on thin margins, made drastic adjustments in response to to the fuel spike last year...these adjustments positioned us well for the economic downturn. I think the ATA (the US version of IATA) is projecting small profits in 2009.