Source: Simple Flying
According to the International Civil Aviation Organization (ICAO), air passenger demand will recover above pre-pandemic levels on most routes by the first quarter of 2023. ICAO also predicts that demand will be around 3% higher than 2019 figures by the end of the year. In 2022, Latin American countries like Colombia, Mexico, and the Dominican Republic had the highest seat capacity and passenger numbers compared with pre-pandemic levels. The Asia-Pacific region was left behind.
When it comes to passenger revenues, ICAO expects that airlines will return to operating profitability in the last quarter of 2023. Since most countries have lifted COVID-19 travel restrictions, the International Air Transport Association (IATA) said that the industry left 2022 in far stronger shape than it entered. IATA believes that this momentum will continue this year.