“DUBAI: “2024: Record-Breaking Airline Passengers and Revenues!”,The International Air Transport Association (IATA) announced on Monday (Jun 3) a forecast for a remarkable resurgence in the aviation sector, anticipating nearly 5 billion passengers to take flight in 2024. With revenues projected to approach US$1 trillion, the industry is poised to reach unprecedented heights, marking a significant rebound from the challenges imposed by the pandemic. As global travel regains momentum, airlines are gearing up for a robust recovery, igniting optimism across the aviation landscape.”
The trade body also said it expected the world’s airlines to post US$30 billion in net earnings this year, up from its previous estimate of US$25.7 billion.
IATA, or the International Air Transport Association, is a global trade association representing around 290 airlines worldwide. At its annual general meeting in Dubai, IATA announced that total expenses in the aviation industry are expected to reach a record high this year, increasing by 9.4 percent to US$936 billion. This increase in expenses could be attributed to various factors such as rising fuel costs, infrastructure investments, and operational expenses.
Willie Walsh, the Director General of IATA, expressed that the expected US$30 billion profit is a significant achievement, particularly in light of the substantial losses that the aviation industry experienced during the recent pandemic. This statement underscores the resilience and recovery efforts within the industry despite the challenges posed by the pandemic.
