The World Bank today released the 20th edition of its Air Transport Annual Report, presenting a comprehensive overview of the global aviation sector’s performance in FY2024 and the Bank’s growing support for emerging and developing countries in advancing safe, sustainable, and resilient air transport systems.
The report reveals that the global air transport industry continued its recovery in FY2024, with passenger traffic nearing pre-pandemic levels and profitability sustained despite persistent economic and geopolitical headwinds. International revenue passenger kilometers (RPKs) surged, buoyed by strong domestic demand and a rebound in international travel, while cargo performance lagged as Cargo Ton Kilometers (CTKs) declined under inflationary pressures, trade restrictions, and geopolitical instability.
Despite elevated fuel costs and regional uncertainty, airlines remained profitable. Net profits were led by North American carriers ($14.8 billion), followed by Europe ($8.6 billion), the Middle East ($3.1 billion), and Asia Pacific ($0.6 billion), while Africa and Latin America posted modest gains. Connectivity improved with international routes up 28% and domestic routes up 10%, although infrastructure and regulatory challenges continue to limit opportunities in many developing economies.
Sustainability and safety remained central themes in 2024. Member states of the International Civil Aviation Organization (ICAO) committed to a 5% reduction in CO₂ emissions through sustainable aviation fuels (SAF), underscoring the need for scaled-up production and investment. Safety performance reached record levels, with only one fatal accident reported during the year.
The World Bank Group (WBG) significantly expanded its aviation portfolio in FY2024, which grew by 24% to USD 1.423 billion. Growth was driven by:
• IBRD, which rose 254% to USD 156 million,
• IDA, which expanded 9% to USD 542 million, and
• IFC, which boosted private-sector aviation investments by 17.8% to USD 726 million.
Key projects supported by the Bank include:
• The Cameroon Transport Sector Development Project (USD 48.7 million), improving safety and security across four international airports,
• The Rodrigues Airport Project in Mauritius (USD 200 million), enhancing access and climate resilience,
• IFC-financed infrastructure at major airports in Turkey, Kazakhstan, Bulgaria, Serbia, Croatia, Madagascar, Peru, Tunisia, and the Philippines, and
• MIGA guarantees worth USD 15.75 billion, including support for Queen Alia International Airport (Jordan) and Madagascar Airports.
“These developments reflect the World Bank Group’s sustained commitment to building safe, sustainable, and connected air transport systems that drive economic growth and opportunity in developing countries,” said [Insert Senior Official/Spokesperson]. “By supporting infrastructure, policy reform, and climate resilience, we are helping to shape a more inclusive and sustainable future for global aviation.”
The 20th Air Transport Annual Report underscores the Bank’s leadership in advancing air transport as a driver of sustainable development, global trade, and economic resilience.
The full report is available here
Older
WTA’s Latin America Gala Ceremony 2025: Final Preparations in Full Swing
Newer
Accor Announces 2025 Design Award Winners at Maison&Objet
Source: breakingtravelnews.com
