World Airlines Poised for Recovery, IATA Says

With travel rebounding across the globe, the International Air Transport Association (IATA) says world airlines will become profitable against next year; the first time that’s been the case since 2019. The group previously had said that airline profits were “within reach” for 2023. In its latest statement, however, the IATA said it now expects a net profit of $4.7 billion for the industry next year, with more than 4 billion passengers set to fly. The association had projected industry-wide losses of $9.7 billion for 2022, but now feels it will be around $6.9 billion. “That ($4.7 billion in profits) is a great achievement considering the scale of the financial and economic damage caused by government imposed pandemic restrictions,” said IATA Director General Willie Walsh, commenting on the projected return to profit in 2023. Walsh cautioned that problems remain, including inflation and government regulations.

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