Dubai ), driven by record traffic.
The International Air Transport Association (IATA) said it expects the sector to generate $30.5 billion in profits globally this year, more than the $27.4 billion recorded in profits in 2023.
This forecast comes four years after the COVID-19 pandemic which saw the industry post a loss of $140 billion in 2020. It is raised compared to that of a profit of $25.7 billion given in December .
“The environment is better than we expected, particularly in Asia,” IATA Director General Willie Walsh told Reuters on the sidelines of an annual meeting of the association in Delhi, England. India.
However, the airline industry warned that its ability to meet a strong recovery in travel demand was being hampered by disruptions in global supply chains.
Revenue per passenger, the average amount paid by a passenger for each mile flown, is expected to increase by 3.2% compared to 2023, IATA said in its biannual economic outlook. This is partly because growth in airline capacity is limited, leading to higher prices.
In contrast, the corresponding figure for freight is expected to fall by 17.5% in 2024, as the market returns to normal after seeing a sharp rise during the pandemic.
(With the contribution of Aditi Shah and Alexander Cornwell, Alban Kacher, edited by Blandine Hénault)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
