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Global airlines raise 2017 profit forecast

CANCUN, Mexico, June 5 (Reuters) - Global airlines on Monday raised their forecast for industry profits in 2017 as the world economy looks set to post its strongest growth in six years, pushing up demand for travel.

The International Air Transport Association (IATA), which represents more than 200 carriers, said the airline industry is expected to post a $31.4 billion profit this year, up from a previous forecast of $29.8 billion. IATA's forecast for 2017 industry revenues rose to $743 billion from a previous estimate of $736 billion. (Reporting by Tim Hepher and Brad Haynes)