A year ago, at Airline Economics’ Growth Frontiers Dubai conference, Monarch Airlines closed its doors; this year the fall of Primera Air was the talk of the first day. There is a growing sense that the downturn is already upon us, with the weakest airlines starting to show signs of stress. But this is early days and many are bullish that this won’t be a steep downturn, more a gentle correction. The fact that the Monarch and the Air Berlin aircraft were very quickly absorbed into the system, as well as the continuing prevalence of “hot” money for funding aircraft

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