Ryanair Holdings Plc Chief Executive Officer Michael O’Leary said the discount carrier’s ability to gain market share from rivals in a looming economic slowdown is at risk from delays to Boeing Co. jetliner deliveries.

O’Leary said Tuesday he’s concerned the US planemaker may ship only 12 or 13 of the 21 Max aircraft that Ryanair is due to get before Christmas, leaving close to 40 to be delivered by the start of the summer peak in late May.

“Boeing is a challenge,” the CEO said at a briefing in Rome. “The only dark cloud on our horizon at the moment is, can Boeing deliver enough aircraft so we can keep growing faster in the recession?” A failure to deliver all 51 jets by the end of June would force a reduction in summer capacity growth, he said.

Ryanair has maintained that an economic slump will be good for business as cash-strapped Europeans trade down to the lowest available air fares rather than give up on traveling altogether. O’Leary plans to visit Boeing’s manufacturing center in Seattle later this month to discuss delays the planemaker has linked to supplier issues and labor shortages.

While Boeing has yet to clear a backlog of completed but undelivered 737s after the Max was grounded following two fatal crashes, as well as a number of jets earmarked for China which were held up by a block on the model in the Asian nation, Ryanair orders are for a special high-density version of the jet.

Boeing told Bloomberg it values its partnership with Ryanair and is committed to supporting the Irish airline.

Production snags are also a problem for Boeing rival Airbus SE, which cut its full-year delivery goal after seeing plans for a ramp-up in monthly A320-series output frustrated by problems at suppliers including engine makers.

The euro-area economy is expected to shrink next year amid surging inflation and energy costs, according to economists polled by Bloomberg who a month ago still predicted growth.