1、Global Outlook for Air Transport Protectionism on the rise June 2025IATA Sustainability and Economics2 Global Outlook for Air Transport Protectionism on the riseTable of contents1.Main takeaways 32.Protectionism on the rise 43.Trafficnormalizationandlimitedcapacity83.1 Airpassengertraffic83.2 Aircar

2、gotraffic114.Airlinefinancialperformance14 4.1 Revenue developments 174.2 Profitability19 4.3 Cost of capital 20 4.4 Aircraft and ownership 21 4.5 Labor 23 4.6 Jet fuel 24 4.7 Sustainable Aviation Fuel and CORSIA 264.8 Regions275.Appendix31 5.1 Industry statistics 31 5.2 Glossary 33 5.3 List of char

3、ts 34 5.4 List of tables 343 Global Outlook for Air Transport Protectionism on the rise1.Main takeaways This semi-annual report takes a broad look at developments in the airline industry,the context in which it is operating,and the challenges it is facing.Global GDP has stayed just above 3%over the

4、past couple of years and was expected to do so also over the next few years.This outlook has been thwarted by US trade policy that brings protectionism to a level not seen in decades.The global economy will likely decelerate to around 2.5%GDP growth in 2025,losing 0.5 percentage points versus the pr

5、evious consensus.GDP in the US will arguably be the most affected,shedding a full percentage point to approximately 1.5%in 2025.Most other major economies will see slower growth than previously anticipated.In the midst of such elevated and unstable tariffs,it is fortunate that the share of trade in

6、goods has shrunk relative to that of services.This fact mitigates the impact of the tariffs across the global economy,as long as services remain exempt.The lower oil price lends support to the global economy.We expect the Brent crude oil price to average USD 69 per barrel,a 13%decline from 2024,and