Air transport body expects airlines to return to profitability in 2023

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.