The International Air Transport Association (IATA) has released its projections for the global airline industry, forecasting record revenues in 2024 and a slight increase in profitability.
The IATA expects operating profits to reach $40.7 billion this year and $49.3 billion in 2024. Net profits are anticipated to be $23.3 billion in 2023, growing to $25.7 billion in 2024.
IATA Director General Willie Walsh expressed admiration for the industry's resilience, acknowledging that the pandemic has set back growth by around four years.
The IATA also projects an increase in global passenger traffic, with an estimated 4.7 billion travellers taking to the skies in 2024, surpassing the pre-pandemic high of 4.5 billion in 2019.
Load factors are approaching pre-pandemic levels, with some regions even surpassing 2019 figures. Africa, Latin America, and the Middle East have seen load factors exceeding those of 2019.
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