London CNN Business —The global airline industry is expected to return to profitability in 2023 for the first time in four years. In a forecast released Tuesday, the International Air Transport Association predicted that airlines will earn a net profit of $4.7 billion, despite fears of a global recession. Consumer demand for air travel has been boosted by the reopening of borders closed by the pandemic, as well as a strong US dollar that’s encouraged more Americans to travel overseas. “While we are mindful of macroeconomic headwinds, the travel industry is experiencing a counter-cyclical recovery,” Delta Air Lines CEO Ed Bastian said when delivering the company’s earnings results in October. “Global demand is continuing to ramp [up] as consumers shift spend to experiences, businesses return to travel and international markets continue to reopen.”— Chris Isidore contributed reporting.

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