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Difficulties in the Past and Ahead

"We must now ensure that we emerge from this difficult period in a healthy state." That is what I wrote in this review one year ago. And while it is true that we succeeded in our task in 2002, the difficult period is continuing for longer than we expected.

Air traffic is always one of the first areas of business to suffer from an economic downturn and in recent years the industry has gone through a massive upheaval, the like of which it has not experienced before. The uncertainty and terrorist threats that overshadow the global political situation are reflected in the economy, of course, and therefore also in air traffic. Everyone seems to be expecting economic activity to contract and travelling to decline.

The gravity of the situation is illustrated by figures that sound quite unbelievable: world-wide, the airlines have recorded more losses during the last two years than the total profits they made during the previous 45 years.