Summarised by Centrist
It has been a remarkable flight to recovery from the financial nosedive caused by the COVID pandemic.
In 2023 the global airline industry achieved a net profit of $27.4b USD ($44.2b NZD), according to the International Air Transport Association (IATA).
This turnaround follows a $3.5b USD ($5.7b NZD) loss in 2022 and exceeds initial profit forecasts.
Despite this recovery, IATA Director General Willie Walsh said that the industry still faces challenges, including slim profit margins, regulatory burdens, and supply chain issues.
Looking ahead, IATA projects record revenues of $996 billion in 2024, with passenger revenues exceeding pre-pandemic levels. However, Walsh cautioned that the industry must continue to strive for financial resilience and sustainable growth.
