Global airlines more than doubled their 2023 industry profit forecast to $9.8 billion from $4.7 billion, spurred on by strong travel demand as the sector recovers from the COVID-19 pandemic.

“The pandemic years are behind us and borders are open as normal,” Director General Willie Walsh of the International Air Transport Association said.

But profit margins, clocking in at 1.2 percent, were still too thin to ensure the industry’s long-term financial robustness, he added.

Global airlines have, in recent months, reported strong results as they prepare for a busy summer season, with travel demand showing no sign of flagging despite peaking inflation.

Pressure from oil prices has also eased this year. (Reuters)