There’s a glimmer of hope for the aviation industry. As growth in the U.S. and Asia makes up for a weaker demand in Europe, the aviation industry could recover within two years from the global economic recession, the head of the International Air Transport Association said Thursday. 

In 2009 the industry witnessed as revenues decreased by 15 percent in the midst of the economic crisis.

The IATA originally believed three years or more would be needed for recovery, said Giovanni Bisignani, the association’s chief.

Even with the ash cloud costing airlines $1.8 billion, Bisignani feels the airline industry is moving in the right direction at a positive speed.

Source: Associated Press