Global airline industry likely to make profit of $29.3b in 2020

The International Air Transport Association on Wednesday predicted that the global airline industry will generate a net profit of $29.3 billion in 2020.

According to IATA, the global airline industry is forecasted to produce a net profit of $29.3 billion in 2020 up from an expected net profit of $25.9 billion in 2019.

"Slowing economic growth, trade wars, geopolitical tensions and social unrest, plus continuing uncertainty over Brexit all came together to create a tougher than anticipated business environment for airlines," said IATA's Director General and CEO Alexandre de Juniac.

"Yet the industry managed to achieve a decade in the black, as restructuring and cost-cutting continued to pay dividends. It appears that 2019 will be the bottom of the current economic cycle and the forecast for 2020 is somewhat brighter."