Transportation
Global Airlines Set for Record Revenue With Pandemic in Past
- Profit to reach $23.3 billion this year as IATA estimate jumps
- Gains to moderate in 2024 with normalized of industry trends
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Global airlines are poised to generate record revenue this year and will extend the gains in 2024 as the industry decisively shakes off the the Covid-19 pandemic, even as higher interest rates hold back profit growth.
Industry profit is forecast to reach $23.3 billion this year, the International Air Transport Association said Wednesday, more than double what the trade body expected in June and a near quintupling of its outlook at the start of the year. The better-than-expected performance was partly down to China’s reopening, said IATA’s director of policy and economics, Andrew Matters, at an event in Geneva.