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Business Travel Growth Forecasted Despite Uncertainty

According to Global Business Travel Association’s (GBTA) , Outlook – Annual Global Report & Forecast, global business travel spend reached USD1.3 trillion in 2016 registering 3.5 percent increase compared to 2015.

Meanwhile, business travel spending is expected to accelerate significantly in 2018, advancing 6.1 percent, followed by an estimated seven percent rise in both 2019 and 2020.

Business travel growth looks solid over the coming years, however, uncertainty arises as political polices, geopolitical tensions and financial concerns have intensified.

Michael McCormick, executive director, GBTA, highlighted, “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.”