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The number of air passengers globally is forecast to surge by 28.3%, from 3.39 billion in 2022 to 4.35 billion in 2023, returning to near 2019 levels - before the Covid-19 pandemic, according to the International Air Transport Association (IATA).
IATA Director General Willie Walsh said that China's earlier-than-expected lifting of Covid-19 restrictions has helped the aviation industry recover faster. Due to increased demand, IATA has raised its 2023 profit estimate for the aviation industry.
Accordingly, the industry's net profit in 2023 could reach 9.8 billion USD, more than double the previous forecast of 4.7 billion USD. Total revenue of the aviation industry in 2023 is forecast to increase by 9.7% compared to 2022, to 803 billion USD.
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