Global airlines should make nearly $10 billion in profit this year as business bounces back from the pandemic, according to a new forecast from the International Air Transport Association.
The association on Monday more than doubled its 2023 profit forecast for the global airline industry despite a looming. Airlines are expected to make $9.8 billion in net profit in 2023, up from a December forecast of $4.7 billion.
The figures mark a significant turnaround for the airline industry, which carried just 1.8 billion passengers in 2020 because of the coronavirus pandemic, at a loss of $76 per traveler. All told, the aviation industry suffered net losses of $183 billion between 2020 and 2022 as lockdowns hit travel.and rising interest rates weigh on spending by businesses and consumers in other areas.
Walsh pointed out that airlines would make $9.8 billion in profit off $803 billion of revenue — in other words, netting just $2.25 per passenger.
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