Willie Walsh, director-general of the International Air Transport Association (IATA), said on Monday that global airline losses are expected to drop by $9.7 billion this year from $52 billion in 2021. Along with this, the report said that the industry should also make profits in 2023.
Significantly, the IATA represents 290 airlines, which comprise 83 percent of global air traffic. Globally, the outlook for airlines looks positive, but the business environment remains challenging, Walsh said in his inaugural address at the IATA's 78th Annual General Meeting here. Listing all such challenges, he said the Organization for Economic Co-operation and Development (OECD), a grouping of 38 developed countries, has inflation above nine percent in April.
Walsh said that our outlook expects (global) GDP to grow 3.4 percent this year. Although it is not above forecasts, it is not bad either. In his address, he quoted the World Bank as saying that it is expected that energy prices will increase by 50 percent this year compared to 2021. At the same time, he referred to the Russo-Ukraine war, saying that Russia's attack on Ukraine has destabilized globalization, which is a threat to the world's food supply.
Walls further said that repairing the battered balance sheets of airlines with US$650 billion in debt would be a major challenge. But both the desire to travel and the need to carry goods are solid. Our industry is now looking tough but agile. Our new analysis shows a deficit of close to $42 billion in 2021. That is, this year the global deficit will be reduced to $ 9.7 billion.
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