New Delhi: Airlines globally will lose over $118.5 billion, the biggest in aviation history, during calendar year 2020 due to the covid-19 pandemic and a muted travel appetite, while losses next year are expected to be at $38.7 billion, industry body International Air Transport Association (IATA) said on Tuesday.IATA, however, expects airline performance to improve during the second half of 2021, though the industry body expects passenger traffic to rebound to 2019-levels only by calendar year 2024."Aggressive cost-cutting is expected to combine with increased demand during 2021 (due to the reopening of borders with testing and/or the widespread availability of a vaccine) to see the industry turn cash-positive in the fourth quarter of 2021.