2023-12-06 10:55:18
Passengers in the terminal of Baltimore-Washington Thurgood Marshall International Airport, November 21, 2023. JIM WATSON / AFP
Airlines expect to carry 4.7 billion passengers worldwide next year, a “historic record”surpassing the 4.54 billion in 2019, before the Covid-19 health crisis, their main organization announced on Wednesday, December 6.
From this year, carriers will have erased the effects of Covid-19 from their accounts, returning to the green with cumulative net profits of 23.3 billion dollars (21.6 billion euros), according to the International Association of air transport (IATA), which more than doubled its previous projections of 9.8 billion (9 billion euros), published last June.
The organization forecast 4.29 billion air trips this year, a slight downward revision from the 4.35 billion flights announced in June. For 2024, profits are expected “largely stabilize” to 25.7 billion dollars (23.8 billion euros), according to IATA, out of an unprecedented global turnover of 964 billion (893 billion euros), compared to the estimated 896 (830 in euros) for 2023 and 838 billion (776 billion euros) for 2019.
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“Sector resilience”
Economic sector among the most affected by the health crisis, due to border closures and other travel restrictions, airlines suffered cumulative losses of 183 billion dollars (169.5 billion euros) between 2020 and 2022. “Given the massive losses of recent years”profits expected in 2024 “illustrate the resilience of the aviation sector”underlined IATA Director General Willie Walsh, welcoming the “extraordinary pace of recovery”.
Nevertheless, “it appears that the pandemic has cost the sector four years of growth”remarked Mr. Walsh during a “press day” at the headquarters of his organization in Geneva. “From 2024 onwards, forecasts show that we can expect more normal growth trajectories for both passengers and freight”according to the general manager.
The strong recovery in 2023 has resulted in high ticket prices as travel demand outstrips airline capacity constrained by delayed aircraft deliveries and other operational challenges. Without looking back, this trend seems likely to slow down in 2024, according to IATA. At the same time, aircraft occupancy rates have already returned to their pre-crisis level.
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