Global air passenger traffic will reach pre-pandemic levels by June. Asia, led by China, will drive growth in 2023 as one in every two seats of airline capacity now being added is in Asia, according to aircraft leasing company Avolon’s 2023 Outlook.

A profit of US $4.7bn is forecast for 2023 as pre-pandemic levels are reached by the middle of the year.

Although capacity is 25% below 2019 levels, revenues are just 13% lower.

“Reopening of the world’s second largest aviation market China will drive a rapid uptick in air passenger traffic,” says Avolon CEO Andy Cronin.

“Airlines are enjoying higher fares and load factors.”

“Challenges include limited aircraft availability and the need to make further progress on decarbonisation.”