Air travel to record a high increase in 2023 : Industry Group

Tuesday, June 6, 2023

International Air Transport Association (IATA) reported that the airlines will return to profit and fly a near–record of 4.35 billion passengers this year, but the sector’s post–pandemic recovery remains fragile.

The industry is forecast to post net profits totaling $9.8 billion in 2023, or double previous estimates, boosted by the end of China’s Covid-19 restrictions.

IATA director General Willie Walsh declared in a statement during the association’s annual general meeting in Istanbul that Airline financial performance in 2023 is beating expectations.

Additionally, he stated that economic uncertainties have not dampened the desire to travel, even as ticket prices absorbed elevated fuel costs.

The IATA claimed that the industry profitability is ‘fragile’ and could be affected by several factors, including interest rate hikes by the central bank to fight inflation.

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