1、Global Outlook for Air Transport A local sweet spotDecember 20232 Global Outlook for Air Transport A local sweet spotContentsGlobal Outlook for Air Transport A local sweet spot 31.Long-term trends are becoming less supportive 42.Air transportation is back,but the pace of growth will slow 10Air passe

2、nger traffic 10Air cargo traffic 143.Airline Financial Performance 16Overview 16Revenue development 18Capital providers 18Aircraft 19Labor 20Fuel 20Regions 21Risks 233 Global Outlook for Air Transport A local sweet spotGlobal Outlook for Air Transport A local sweet spotMain takeaways:The global long

3、-term trends that propelled the 20th centurys unparalleled economic achievements are if not in reverse,certainly becoming less supportive.Much of the 20th centurys success was enabled by the expanded use of fossil fuels.That economic model has passed its zenith.It will take a successful energy trans

4、ition to set the world on a new path towards sustained and sustainable growth and better economic outcomes for all.2023 has been a year when air transportation very nearly returned to its pre-pandemic pace of activity,and a year of renewed financial profitability for the industry.In many ways,2023 i

5、s likely to be a local sweet spot for the industry,as the same pace of growth and financial recovery is unlikely to be matched in 2024 and beyond.Industry-wide passenger traffic,measured in revenue passenger-kilometers(RPKs),grew by 40.1%year-on-year(YoY)through September 2023 and reached 92.9%of pr

6、e-pandemic levels.All regions,except Asia Pacific,are expected to reach or surpass their 2019 traffic levels in 2023.In the long run,global passenger traffic looks set to double by 2040.The cargo sector continued to face challenges in 2023,with a slowdown in demand due to macro-economic headwinds an