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Airlines will make money again in 2023 as travel returns


London
CNN Business

The global airline industry is expected to return to profitability in 2023 for the first time in four years.

In a forecast released on Tuesday, the International Air Transport Association predicted that airlines will make a net profit of $4.7 billion, despite fears of a global recession.

It would be the first time the sector has made money since 2019, as airmen return to the skies after years of Covid-19 restrictions that reduced flight demand.

The industry association also said net losses for 2022 are expected to be $6.9 billion. That’s less than he had previously forecast and “significantly better” than 2021 and 2020.

Willie Walsh, IATA’s chief executive, called the screening a “great achievement”. But the industry still has work to do to shore up its financial position, he said.

“A profit of $4.7 billion on industry revenue of $779 billion also illustrates that there is much more to do to put the global industry on a solid financial footing,” said- he declared.

Consumer demand for air travel has been boosted by the reopening of borders closed by the pandemic, as well as a strong US dollar which has encouraged more Americans to travel abroad. Business travel has also made a comeback.

At the same time, constraints remain on flight supply, including delayed aircraft deliveries, pilot shortages and airport infrastructure problems.

Nevertheless, the industry is increasingly optimistic, even as a global economic slowdown looms.

“While we are mindful of the macroeconomic headwinds, the travel industry is experiencing a countercyclical recovery,” Delta Air Lines CEO Ed Bastian said during the company’s October earnings release.

“Global demand continues to rise [up] as consumers shift spending toward experiences, businesses return to travel, and international markets continue to reopen.

Chris Isidore contributed reporting.

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