The number of people traveling by plane is set to hit a new high this year, as the airline industry bounces back from the COVID-19 pandemic with record revenues for airlines, an industry group has said.
In its outlook for 2024, IATA said airlines were expected to post $30.5 billion (28 billion) in net earnings this year, up from its previous estimate in December of $25.7 billion.
More than 300 airlines, accounting for 83% of global air traffic, are members of IATA. The body said around half of global profits in 2024 were expected to come from airlines in North America.
The aviation industry has seen a strong rebound following the slump caused by the coronavirus pandemic. But despite the strong figures, airlines are also facing a sharp rise in costs due to labor shortages, supply chain problems, and challenges related to climate change.
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