SINGAPORE — The global airline industry has rebounded faster than expected this year but faces a slowdown next year, a major airline group said Tuesday.

The International Air Transport Association said airline industry profits will likely jump this year to $8.9 billion on revenue of $560 billion, more than the group’s previous forecast in June of $2.5 billion on sales of $545 billion.

"This is a significant improvement, but not enough for a big celebration," IATA chief executive Giovanni Bisignani said at a news conference in Singapore.

Asia will lead growth this year and Europe will remain the only region to lose money, the IATA said.

Global airline profit will fall to $5.3 billion next year, the group said.