Arabnews24.ca:Friday 9 December 2022 09:48 AM: By Mohamed Attia
The aviation sector will achieve more revenues in 2023 for the first time since 2019, as air traffic continues to recover after nearly two years of restrictions, which were imposed due to the outbreak of the coronavirus pandemic, according to a statement released by the International Air Transport Association (IATA).
The air transport sector is scheduled to achieve a net profit of $4.7 billion next year, in addition to increasing foreign visitors to more than four billion, the IATA said.
Director General of IATA Willie Walsh said that the expected revenues in 2023 is great achievement, given the size of the financial and economic losses caused by the Covid-19 restrictions.
Several global airlines had suffered great losses amounting to tens of billions of dollars in 2020 and 2021 due to the pandemic, Walsh said, adding that air travel is currently witnessing a noticeable recovery.
“Airlines are resilient. People are flying in ever-greater numbers. Cargo is performing well against a backdrop of growing economic uncertainty. Losses will be cut to $9.7 billion this year and profitability is on the horizon for 2023. It is a time for optimism, even if there are still challenges on costs, particularly fuel, and some lingering restrictions in a few key markets,” Walsh said.
