Beautiful Virgin Islands

Friday, Jan 23, 2026

The world's airlines say they won't recover until 2024, reflecting a new wave of pessimism as the pandemic rages on

The world's airlines say they won't recover until 2024, reflecting a new wave of pessimism as the pandemic rages on

The International Air Transport Association, which represents most of the world's major airlines, said it does not expect the airline industry to recover from the coronavirus pandemic until 2024.. The timeline, along with recent comments from airline executives, reflects a new level of public pessimism about when business will return to normal.. Industry analysts offered that timeline as early as April, when airlines were painting a rosier picture. Here's what led the world's largest airline trade group to agree.
The International Air Transport Association (IATA), a global trade group representing most of the world's major airlines and cargo carriers, said earlier this week that it does not expect the air travel industry to recover from the hit dealt to it by the coronavirus pandemic before 2024.

That timeline, which defines "recovery" as a return to 2019 levels of traffic and revenue, is the most dire yet offered by the group, which had previously forecast a bounce back by 2023.

"Ahead of any vaccine, it really does depend on how well countries manage to control the virus," IATA's chief economist, Brian Pearce, said in a briefing on Tuesday. "That is clearly going to be an issue with the recovery. What we haven't seen is the sort of progress that we need."

The bulk of the problem is that the flying public has relatively little interest in flying. "While pent-up demand exists for VFR (visiting friends and relatives) and leisure travel, consumer confidence is weak in the face of concerns over job security and rising unemployment, as well as risks of catching COVID-19," IATA said in a press release.

Moreover, corporate travel staying down as companies seek to cut costs and adjust to remote meetings will hamper a recovery, IATA said. Even as the economy picks back up, business travel may be slow to return.

"Corporate travel budgets are expected to be very constrained as companies continue to be under financial pressure even as the economy improves," IATA said. The group said surveys indicate that the link between GDP growth and business travel has frayed, as videoconferencing makes in-person meetings less necessary.

IATA's revised timeline represents the culmination of a new wave of pessimism from airlines about the travel recovery.

In the early months of the pandemic, most carriers suggested a two- to three-year timeframe for recovery. One exception was Southwest CEO Gary Kelly, who offered a five-year timetable in April. "Based on history, in a recessionary environment, it is a long recovery period for businesses," Kelly said on his first quarter earnings call. "This one feels like it could be worse."

Industry analysts, too, were quick to predict a long road to recovery. Travel demand fell off in the Asia region in mid-to-late January, and cratered in the rest of the world in mid-March. While analysts in January had envisioned a V-shaped recovery if the impact spread to US and Europe markets, by April, that hope had evaporated.

"We are growing increasingly convinced that industry recovery to 2019 levels of output will be a multi-year affair," analyst Jamie Baker of JPMorgan wrote in early April, "resulting in the material shedding of aircraft and headcount along the way."

"We expect it to take 2 to 5 years to recover to 2019 levels," analyst Helane Becker of Cowen wrote in a lengthy April 13 report titled A Winding Road to Recovery, adding: "our working assumption is 2021 revenues will be back to 2016 levels."

"Unfortunately, return to work might not mean immediate return to the air," she added. "It is highly likely that any recovery won't start until the fourth quarter at the earliest, and then continue slowly through 2021 and into 2022."

Other leading analysts, including Jamie Baker of JPMorgan and Andrew Didora of Bank of America, also continue to suggest a similar timeline, pointing to 3-4 year targets in recent research notes.

And now, the airlines themselves agree: The road back to "normal" won't just be rough, but long.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Trump Reverses Course and Criticises UK-Mauritius Chagos Islands Agreement
Elizabeth Hurley Tells UK Court of ‘Brutal’ Invasion of Privacy in Phone Hacking Case
UK Bond Yields Climb as Report Fuels Speculation Over Andy Burnham’s Return to Parliament
Prince William to Make Official Visit to Saudi Arabia in February
Prince Harry Breaks Down in London Court, Says UK Tabloids Have Made Meghan Markle’s Life ‘Absolute Misery’
Malin + Goetz UK Business Enters Administration, All Stores Close
EU and UK Reject Trump’s Greenland-Linked Tariff Threats and Pledge Unified Response
UK Deepfake Crackdown Puts Intense Pressure on Musk’s Grok AI After Surge in Non-Consensual Explicit Images
Prince Harry Becomes Emotional in London Court, Invokes Memory of Princess Diana in Testimony Against UK Tabloids
UK Inflation Rises Unexpectedly but Interest Rate Cuts Still Seen as Likely
Starmer Steps Back from Trump’s ‘Board of Peace’ Amid Strained US–UK Relations
Prince Harry’s Lawyer Tells UK Court Daily Mail Was Complicit in Unlawful Privacy Invasions
UK Government Approves China’s ‘Mega Embassy’ in London Amid Debate Over Security and Diplomacy
Trump Cites UK’s Chagos Islands Sovereignty Shift as Justification for Pursuing Greenland Acquisition
UK Government Weighs Australia-Style Social Media Ban for Under-Sixteens Amid Rising Concern Over Online Harm
Trump Aides Say U.S. Has Discussed Offering Asylum to British Jews Amid Growing Antisemitism Concerns
UK Seeks Diplomatic De-escalation with Trump Over Greenland Tariff Threat
Prince Harry Returns to London as High Court Trial Begins Over Alleged Illegal Tabloid Snooping
High-Speed Train Collision in Southern Spain Kills at Least Twenty-One and Injures Scores
Meghan Markle May Return to the U.K. This Summer as Security Review Advances
Trump’s Greenland Tariff Threat Sparks EU Response and Risks Deep Transatlantic Rift
Prince Harry’s High Court Battle With Daily Mail Publisher Begins in London
Trump’s Tariff Escalation Presents Complex Challenges for the UK Economy
UK Prime Minister Starmer Rebukes Trump’s Greenland Tariff Strategy as Transatlantic Tensions Rise
Prince Harry’s Last Press Case in UK Court Signals Potential Turning Point in Media and Royal Relations
OpenAI to Begin Advertising in ChatGPT in Strategic Shift to New Revenue Model
GDP Growth Remains the Most Telling Barometer of Britain’s Economic Health
Prince William and Kate Middleton Stay Away as Prince Harry Visits London Amid Lingering Rift
Britain Braces for Colder Weather and Snow Risk as Temperatures Set to Plunge
Mass Protests Erupt as UK Nears Decision on China’s ‘Mega Embassy’ in London
Prince Harry to Return to UK to Testify in High-Profile Media Trial Against Associated Newspapers
Keir Starmer Rejects Trump’s Greenland Tariff Threat as ‘Completely Wrong’
Trump to hit Europe with 10% tariffs until Greenland deal is agreed
Prince Harry Returns to UK High Court as Final Privacy Trial Against Daily Mail Publisher Begins
Britain Confronts a Billion-Pound Wind Energy Paradox Amid Grid Constraints
The graduate 'jobpocalypse': Entry-level jobs are not shrinking. They are disappearing.
Cybercrime, Inc.: When Crime Becomes an Economy. How the World Accidentally Built a Twenty-Trillion-Dollar Criminal Economy
The Return of the Hands: Why the AI Age Is Rewriting the Meaning of “Real Work”
UK PM Kier Scammer Ridicules Tories With "Kamasutra"
Strategic Restraint, Credible Force, and the Discipline of Power
United Kingdom and Norway Endorse NATO’s ‘Arctic Sentry’ Mission Including Greenland
Woman Claiming to Be Freddie Mercury’s Secret Daughter Dies at Forty-Eight After Rare Cancer Battle
UK Launches First-Ever ‘Town of Culture’ Competition to Celebrate Local Stories and Boost Communities
Planned Sale of Shell and Exxon’s UK Gas Assets to Viaro Energy Collapses Amid Regulatory and Market Hurdles
UK Intensifies Arctic Security Engagement as Trump’s Greenland Rhetoric Fuels Allied Concern
Meghan Markle Could Return to the UK for the First Time in Nearly Four Years If Security Is Secured
Meghan Markle Likely to Return to UK Only if Harry Secures Official Security Cover
UAE Restricts Funding for Emiratis to Study in UK Amid Fears Over Muslim Brotherhood Influence
EU Seeks ‘Farage Clause’ in Brexit Reset Talks to Safeguard Long-Term Agreement Stability
Starmer’s Push to Rally Support for Action Against Elon Musk’s X Faces Setback as Canada Shuns Ban
×