Airlines will return to profit and fly a near-record 4.35 billion people this year, according to, but the International Air Transport Association (IATA) sector’s post-pandemic recovery remains weak.
According to the International Air Transport Association (IATA), the business is expected to earn $9.8 billion in net profits in 2023, more than doubling prior forecasts, thanks to the lifting of China’s Covid restrictions.
According to the group, its 2022 losses are half as terrible as earlier predicted at $3.6 billion.
“Airline financial performance in 2023 is exceeding expectations,” IATA director general Willie Walsh said during the organization’s annual general meeting in Istanbul.
“Stronger profitability is supported by several positive developments. China lifted Covid-19 restrictions earlier in the year than anticipated,” Walsh said.
While jet fuel prices remain high, he says they have reduced in the first half of the year.
Inflation rose globally during Russia’s invasion of Ukraine in February 2022, sending energy costs skyrocketing, but oil and natural gas prices have since decreased.
“On the cost side, there is some relief,” the IATA director said.
“Economic uncertainties have not dampened the desire to travel, even as ticket prices absorbed elevated fuel costs,” he added.
