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Global air traffic could fall this year for the first time in a decade

Hong Kong (CNN Business)The global airline industry is facing huge financial losses and its first decline in more than a decade because of the novel coronavirus outbreak. The International Air Transport Authority (IATA) warned on Thursday that the virus' impact on demand could cost airlines more than $29 billion, with Asian carriers bearing the brunt of the losses. The outbreak will also likely reduce global traffic by 4.7%, wiping out IATA's earlier forecast for growth and marking the first overall decline in demand since the global financial crisis of 2008 - 2009. The coronavirus has killed more than 2,200 people worldwide, with all but 11 of those deaths in mainland China. The total number of infected worldwide stands at over 76,000.In r ...