The International Air Transport Association (IATA) anticipates a strengthening of airline industry profitability in 2023. Net profits are projected to reach USD9.8bn, more than double the previous USD4.7bn forecast made in December 2022. Operating profits are set to increase to USD22.4bn, up from the USD3.2bn estimate made last December. IATA predicts 4.35 billion people will travel in 2023, approaching the 4.54 billion who flew in 2019. Cargo volumes are expected to reach 57.8 million tonnes. Total revenues are forecasted to grow 9.7% to USD803bn, marking the first time revenues will exceed USD800bn since 2019. Despite the industry's return to profitability, financial performance varies across regions. IATA’s Director-General, Willie Walsh, attributes the stronger profitability to lifted COVID-19 restrictions in China, resilient cargo revenues, and moderated jet fuel prices.
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