BOSTON: Global airlines on Monday projected a sharp reduction in industry losses next year as a multispeed recovery from the coronavirus crisis gets under way, but revised up the financial toll inflicted by the pandemic in 2020 and 2021.

The International Air Transport Association, the industry’s main trade body, predicted that net losses at airlines would narrow to $11.6 billion in 2022 from $51.8 billion this year.

The losses for 2021 were revised up from $47.7 billion estimated in April. IATA also revised up losses for 2020 to $137.7 billion from $126.4 billion estimated earlier.

“We are past the deepest point of the crisis,” IATA Director General Wilie Walsh told the group’s annual meeting. “While serious issues remain, the path to recovery is coming into view.”