‘93/’94 Year-End Review and Outlook : Industry Outlook : Continuing low-grade growth in the national economy, coupled with hopes for stability--if not expansion--in California, is the backdrop for the year in business. Here is an assessment of key industries’ prospects.

AIRLINES: Significant improvements in profitability, after four years of substantial losses, will come at the cost of wrenching corporate restructuring and cost-cutting. The growth of low-fare airlines will hamper efforts by major carriers to raise prices.