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Article: Too good to last - is this the end of cheap holidays? As oil prices soar and the global economy takes a dive, the travel industry is fighting to survive - and that's bad news for travellers, says Sara Macefield
- Article from:
- The Sunday Telegraph London
- Article date:
- June 8, 2008
- Author:
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Copyright informationCopyright 2008 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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Last week, the dire state of the world's aviation industry was
laid bare by its global body, the International Air Transport
Association (IATA). In no uncertain terms, its director-general and
chief executive, Giovanni Bisignani, painted a grim picture of the
tough conditions facing airlines, describing them as a "perfect
storm".
"The situation is desperate," he declared, "and potentially more
destructive than our recent battles with all the Horsemen of the
Apocalypse combined.
"Just as we started to recover [from 9/11] we face another crisis
of potentially even greater dimensions - rocketing oil prices are
changing everything."
It seems that after a golden decade of low prices, the era of ...
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