Spending is estimated to advance another 7.1% in 2018 and will expand to $1.7 trillion total by 2022.
ALEXANDRIA, Va. – Global business travel spend approached $1.3 trillion in 2016, advancing only 3.5% over 2015 levels, according to the GBTA BTI Outlook – Annual Global Report & Forecast, a new report released this week at GBTA Convention 2017 by the GBTA Foundation, the education and research arm of GBTA.
Pending many global uncertainties, business travel spending is expected to surge in 2018, advancing 6.1%, followed by 7% percent growth in 2019 and 2020. Business travel spending gains have not reached this level since 2011.
“Global business travel remains a critical driver of the success of organizations around the globe,” said Michael W. McCormick, GBTA executive director and COO. “Stronger footing in emerging markets and continued economic stimulus in the developed world has supported global stability leading to a positive forecast that is unfortunately clouded with more uncertainty than we have seen in decades.”
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Many signs show the global economy is improving. Consumers are spending, trade and investment are rising, corporate profits and management sentiment are strengthening, commodity prices have stabilized, recessions in Brazil, Russia and Argentina have ended, and China’s soft landing continues. Considering these factors, business travel growth looks solid over the coming years, however, uncertainty abounds. Political polices, geopolitical tensions, and financial concerns have intensified. The Global Economic Policy Uncertainty Index, which began in 1997, has hit an all-time, 20-year high.
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