The association now projects worldwide passenger demand to grow 5.4% this year and passenger yield to inch up 0.4%. "The growth in [passenger] demand despite economic uncertainty in Western economies has been one of the more interesting developments of the last few years," according to IATA Director General Tony Tyler. "Travel demand has been supported by robust growth in the so-called emerging markets, reflecting a longer-term shift in the center of gravity of the industry." IATA also projects global cargo demand to increase by 2.7% following two years of decline. "It appears that the bottom of the global industrial production cycle was reached in the third quarter of 2012, after which there has been six months of increasing output and improvements to business confidence," according to the association. Get the full story at Travel Weekly