Canada Global (Web News) In response to high travel demand as the industry recovers from the COVID-19 epidemic, Global Airlines more than quadrupled their industry profit prediction for 2023 to $9.8 billion from $4.7 billion on Monday.
Willie Walsh, director general, stated at the International Air Transport Association (IATA) annual convention that “the pandemic years are behind us and borders are open as normal.”
As they get ready for a busy summer season, international airlines have recently announced solid performance. Travel demand has remained strong despite soaring inflation. This year, there has also been less pressure on oil prices.
Additionally, revenue levels for 2023 are anticipated to rise to $803 billion from $838 billion in 2019, bringing them closer to pre-pandemic levels.
“Many people not only must travel, but also wish to travel. And they will keep doing so for the remainder of this year,” Walsh told Reuters in a separate interview. High employment rates are boosting demand even in the face of a gloomier macroeconomic outlook, he claimed.
“That usually gives consumers the assurance that they can spend money and take on debt in order to keep enjoying what they’re doing.”
Walsh nonetheless warned the 300 airline delegates in attendance that continued problems with the supply chain and increased airport fees were slowing the industry’s comeback.
