Airlines Anticipate Record-Breaking 5 Billion Passengers in 2024, Says Report

Boston Brand Media brings you the latest - Airlines are bracing for an extraordinary milestone in 2024 as they prepare to accommodate a record-breaking 5 billion passengers, according to a recent report. This surge in air travel underscores the industry's resilience and capacity to meet growing global demand for flights.

IATA additionally projected that global airlines would achieve $30 billion in net profits for the current year, surpassing its earlier prediction of $25.7 billion.

Dubai: Airlines anticipate carrying almost five billion passengers in 2024, surpassing the pre-Covid pandemic peak, according to the International Air Transport Association (IATA) announcement on Monday. Furthermore, IATA mentioned an anticipation of global airlines reporting $30 billion in net earnings this year, an increase from the earlier projection of $25.7 billion. "This anticipated profit is noteworthy given the significant losses incurred during the recent pandemic," remarked IATA director general Willie Walsh during the trade body's annual general meeting in Dubai.

Boston Brand Media also found that airlines anticipate a groundbreaking achievement in 2024, projecting to transport nearly five billion passengers, surpassing the pre-Covid peak, as announced by the International Air Transport Association (IATA) on Monday.

IATA also foresees a rise in the net earnings of the world's airlines to $30 billion this year, up from the previous estimate of $25.7 billion, a significant accomplishment in light of recent pandemic-induced losses, stated IATA director general Willie Walsh during the organization's annual general meeting in Dubai. "Aviation plays a crucial role in the aspirations and prosperity of individuals and economies. Hence, bolstering airline profitability and enhancing financial resilience is imperative," Walsh added. Additionally, the airline industry anticipates a nearly 10 per cent increase in total revenues to reach $996 billion this year, marking another record high, according to IATA.

The industry body, comprising over 300 airlines representing 83 per cent of global traffic, is convening its 80th AGM in the financial hub of the United Arab Emirates. However, despite these optimistic projections, airlines are grappling with a significant surge in costs attributed to parts and labor shortages, as well as challenges stemming from climate change.

IATA also noted that the airline industry's total expenses are poised to reach a historic peak this year, escalating by 9.4 per cent to $936 billion.

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Source: ndtv‍