Airlines anticipate record-breaking 5 billion passengers in 2024

The trade industry association IATA announced on Monday that airlines expect to transport nearly five billion passengers in 2024, surpassing the pre-Covid pandemic peak. IATA also increased its forecast for the global airline industry’s net earnings this year to $30 billion, up from the previous estimate of $25.7 billion.

IATA director general Willie Walsh highlighted this expected profit as a remarkable accomplishment given the significant losses suffered during the pandemic, speaking at the association’s annual general meeting in Dubai.

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Aviation’s vital role, airlines profitability and record revenues

Aviation is undoubtedly crucial to the aspirations and prosperity of individuals and economies. Enhancing airline profitability and building financial resilience is essential, he stated. IATA projected that the airline industry’s total revenues will increase by nearly 10 percent to reach $996 billion this year, setting another record high.

The industry body, representing over 300 airlines that account for 83 percent of global traffic, is conducting its 80th AGM in the financial hub of the United Arab Emirates. Despite these strong figures, airlines are contending with significant cost increases due to shortages of parts and labor, as well as challenges associated with climate change.

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