IATA Upgrades 2023 Profitability Forecast as Air Travel Passenger Numbers Soar
The International Air Transport Association (IATA) has upgraded its prediction for profitability in 2023 as air travel passenger numbers are expected to almost recover to pre-pandemic levels.
With a forecasted 4.35 billion passengers worldwide, airlines are expected to have a net profit of $9.8 billion, representing a profit margin of 1.2%.
Although the industry's operating margins will remain low, these profits will mark a significant improvement from the $42 billion lost in 2021 and the $137.7 billion loss in 2020.
However, not all geographical regions will return to profit this year, as airlines in the Asia-Pacific region, Latin America, and Africa will remain in deficit.
Although the industry's operating margins will remain low, these profits will mark a significant improvement from the $42 billion lost in 2021 and the $137.7 billion loss in 2020.
However, not all geographical regions will return to profit this year, as airlines in the Asia-Pacific region, Latin America, and Africa will remain in deficit.
