Air transport body expects airlines to return to profitability in 2023

By Gokhan Ergocun

ISTANBUL (AA) - The International Air Transport Association (IATA) on Tuesday said that the global airline industry would return to profit next year for the first time since 2019.

The association expects a small net profit of around $4.7 billion in 2023, while in 2022, the sector is expected to post a net loss of $6.9 billion, an IATA statement said.

The airline industry was one of the most-effected sectors by the pandemic measures, such as lockdowns and travel restrictions.

The IATA statement recalled the losses of $42 billion in 2021 and $137.7 billion in 2020.

"As we look to 2023, the financial recovery will take shape with a first industry profit since 2019," said Willie Walsh, IATA’s director general.