Global airline industry profitability surges in 2023, with net profits expected to reach $9.8 billion this year, more than double the $4.7 billion forecast in December, according to the International Air Transport Association’s (IATA) projection on June 5.
Stronger profitability is attributed to factors such as increased cargo revenues, the reopening of China, and lower jet fuel prices, according to IATA’s Director General Willie Walsh.
Approximately 4.35 billion passengers are expected to travel by air in 2023, which is closing in on the 4.54 billion passengers who flew in 2019.
The figures mark a significant turnaround for the airline industry, which carried just 1.8 billion passengers in 2020 because of the COVID-19 pandemic, at a loss of $76 per traveler. Overall, the aviation industry suffered net losses of $183 billion between 2020 and 2022 as lockdowns hit travel….