IATA forecasts APAC, Middle East, and African carriers to finish 2022 in red

The International Air Transport Association (IATA) has predicted in its latest report that the Asia-Pacific, Middle East, and Africa carriers to be in red but expects to return to profitability by 2023. According to the report, Asia-Pacific carriers are expected to post a loss of $10.0bn in 2022, narrowing to a $6.6bn loss in 2023. In 2023, passenger demand growth of 59.8% is expected to outpace capacity growth of 47.8%. Over the year, the region is expected to serve 70.8% of pre-crisis demand levels with 75.5% of pre-crisis capacity. The overall Asia-Pacific recovery is hampered by China’s zero-COVID policies on travel