The airline industry is expected to record a net profit of $9.8 billion with rising passenger traffic and revival of the local economies. International Air Transport Association (IATA) announced an expected strengthening of airline industry profitability in an upgrade of its outlook for 2023. IATA further forecasts the airline industry operating profits to reach $22.4 billion in 2023 over the December forecast of a $3.2 billion operating profit. It is also more than double the $10.1 billion operating profit estimated for 2022. “Stronger profitability is supported by several positive developments. China lifted COVID-19 restrictions earlier in the year than anticipated.

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