Ireland-based international aircraft leasing company Avolon (which has an owned, managed and committed fleet of 835 aircraft) expected global air traffic to return to pre-Covid-19 pandemic levels by June this year. The forecast was contained in a report released by the company on Monday, entitled “2023 Outlook: Climb to Cruise”, which was co-authored by Avolon Chief Risk Officer Jim Morrison and its Counterparty Risk & Sustainability head Rosemarie O’Leary. Last year saw global air passenger traffic recover by 70%, a development led by North America and Europe. This year, the report forecast, the recovery would be led by Asia, boosted by China’s recent reopening. Of total airline capacity (in terms of seats) added this year, 50% would be in Asia. Last year’s recovery brought airlines almost back to profitability, after suffering total global losses of $180-billion in 2020 and 2021. This year, they were expected to achieve a total global profit of $4.7-billion.
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