The global airline industry is expected to return to profitability in 2023 for the first time in four years.
In a forecast released Tuesday, the International Air Transport Association predicted that airlines will earn a net profit of $4.7 billion, despite fears of a global recession. It would mark the first time the sector has made money since 2019, as fliers return to the skies after years of Covid-19 restrictions reduced demand for flights. The industry association also said net losses for 2022 were expected to be $6.9 billion.
Consumer demand for air travel has been boosted by the reopening of borders closed by the pandemic, as well as a strong US dollar that’s encouraged more Americans to travel overseas. Corporate travel has also been making a comeback. At the same time, constraints remain on the supply of flights, including delayed plane deliveries, pilot shortages and airport infrastructure issues. Nonetheless, the industry is increasingly optimistic, even as a global economic downturn looms.
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