Airline industry is recovering gradually from COVID-19 but RPKs are still estimated to be only 40% of pre-crisis levels in 2021.
Air cargo has recovered above 2019 levels and is expected to be strong in 2022 with the support of strong global trade.
Vaccines will allow some governments to relax restrictions and support global travel to reach 61% of 2019 levels in 2022.
The industry is forecast to make net losses of $52 billion this year, cutting these losses to $12 billion in 2022.
Airlines are forecast to cut costs by 31% in 2021 vs 2019. As the traffic recovery continues airlines will face cost pressures.
Airlines continued to receive life support from their governments, totaling $243 billion since the beginning of the pandemic.
Airline financial performance is expected to recover in all regions in 2022. North America is expected to turn to profitability in 2022.