The airline sector is expected to return to profitability in 2023

The International Air Transport Association (IATA) has announced that next year, the industry will turn a profit for the first time since 2019, as the recovery in the airline industry continues after almost two years of coronavirus restrictions.

Airlines lost tens of billions of dollars in 2020 and 2021 due to the coronavirus outbreak, but then air travel partially recovered.

IATA expects the airline industry to report a net profit of $4.7 billion next year, with more than 4 billion passengers expected. IATA previously announced that the industry is “likely” to turn a profit in 2023.

FALL LOSS ESTIMATE

IATA lowered its estimate of losses for the airline industry for 2022 from $9.7 billion to $6.9 billion.

“Given the scale of the financial and economic damage caused by the coronavirus restrictions imposed by governments, this is a great achievement,” Willie Walsh, IATA’s director general, said of the prospect of a 2023 earnings transition. (REUTERS )