Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
Budget & You Live : Real-Time Analysis Of All The FM’s Big Announcements
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

Global airline industry to post lower loss at USD 6.9 billion in 2022; India seeing strong recovery: IATA

After being hit by the pandemic, India's domestic air traffic is recovering well and airlines are looking to expand their operations on local and international routes.

December 06, 2022 / 08:00 PM IST
(Representative Image: Reuters)

(Representative Image: Reuters)

The global airline industry is projected to post a lower loss of USD 6.9 billion this year and eke out a "small net profit" of USD 6.9 billion in 2022, helped by higher passenger revenues and cost control by carriers, industry body IATA said on Tuesday.

At a briefing here, the International Air Transport Association (IATA) Director General Willie Walsh said India is seeing a "much stronger recovery" than the Asia Pacific region in general and the challenge will be in getting new aircraft as well as spare parts.

After being hit by the pandemic, India's domestic air traffic is recovering well and airlines are looking to expand their operations on local and international routes.

In its latest update on the global airline industry, IATA said the Asia Pacific region is critically held back by the impact of China's zero COVID policies on travel.