Giovanni Bisignani, IATA’s director general and CEO, commented: "The industry is shifting gears in the recovery cycle. Growth is slowing toward normal historical levels in the 5 to 6 percent range. Relative weakness in developed markets is being offset by the momentum of economic expansion in developing markets. We see a strong end to 2010 that boosted the year’s profit forecast to $15.1 billion."

IATA said the November result is a "significant shift" from the 14.5 percent gain in October and noted that all regions, except Africa, showed dramatic drops in growth rates from October to November.

Acknowledging the year-end travel chaos caused by bad weather in Europe and North America, Bisignani said the industry had to be better prepared in the future.

"In 2010, the Icelandic volcano and the year-end adverse weather made the value of air transport crystal clear. Modern life and the global economy depend on aviation. While memories of the travel chaos are still fresh, it’s time to evaluate a long list of government-imposed industry handicaps, including excessive taxation, out-dated ownership restrictions, over-regulation where market forces could do better, under-investment in infrastructure and generally poor regulation of monopoly suppliers. We must not let governments forget all of this while waiting for a change of seasons,” he noted.