For aviation industry, India is the new China as international travel rebounds’
Synopsis
The International Air Transport Association (IATA) has doubled its estimate for global net profit in 2023 as increased flying drives up ticket prices. However, the organisation acknowledges numerous risks including rising interest rates to combat inflation and supply chain issues. The IATA predicts that demand for global air travel will reach 96% of pre-pandemic levels by 2023 with over 4.35 billion passengers travelling that year.
The airline industry’s main lobby body is doubling its estimate for global net profit in 2023 as a surge in flying drives up ticket prices, although risks include rising interest rates to combat spiraling inflation and lingering supply chain issues.
Airline executives from the some 300 airlines represented by the International Air Transport Association descended on Istanbul over the weekend for the start of the trade organization’s 79th annual general meeting. More than 1,520 participants are taking part in the event, the first being held since all Covid restrictions were lifted.
On the agenda are topics including sustainability, as carriers navigate the path toward achieving net zero carbon emissions by 2050, as well as airlines’ recovery from Covid, lessons learned from 2022’s host of operational challenges and how to achieve gender equality.
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