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Airlines cut losses in 2022; return to profit in 2023

December 6, 2022743 Views

The International Air Transport Association (IATA) expects a return to profitability for the global airline industry in 2023 as airlines continue to cut losses stemming from the effects of the COVID-19 pandemic to their business in 2022. In 2023, airlines are expected to post a small net profit of $4.7 billion—a 0.6% net profit margin. It is the first profit since 2019 when industry net profits were $26.4 billion (3.1% net profit margin). In 2022, airline net losses are expected to be $6.9 billion (an improvement on the $9.7 billion loss for 2022 in IATA’s June outlook). This is significantly better than losses of $42.0 billion and $137.7 billion that were realized in 2021 and 2020 respectively. Resilience has been the hallmark for airlines in the COVID-19 crisis. As we look to 2...

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Gloomy outlook for global recovery

UPENDRA SWAMI

January 11, 20221246 Views

World Bank sees sharp world growth slowdownOmicron to deter recovery prospects in 2022Tourism dependent economies to face major headwinds Only one in 10 World Economic Forum members surveyed expects the global recovery to accelerate over the next three years, a poll of nearly 1,000 business, government and academic leaders found, with only one in six optimistic about the world outlook. On Tuesday, The World Bank also cut its forecasts for economic growth in the United States, the Euro area and China and warned that high debt levels, rising income inequality and new coronavirus variants threatened the recovery in developing economies. FILE PHOTO: A helicopter flies over the ski resort during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2020...