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GBTA Reports Emerging Markets Drive Global Business Travel
July 24, 2012

The GBTA Foundation, the research and education arm of the Global Business Travel Association (GBTA), released its fourth annual comprehensive report analyzing the current state of global business travel spend and growth projections for the next five years.

The GBTA BTI Outlook-Annual Global Report and Forecast, Prospects for Global Business Travel 2012-2016, sponsored by Visa Inc., found that business travel spending growth in developed economies is slowing compared to previous forecasts, but emerging markets continue to grow rapidly.

In 2011, emerging markets such as Brazil, Russia, India and China all experienced growth rates over 15 percent in business travel spending, more than making up for the substantially slower growth rates of the U.S. and Western Europe.

The outlook for 2012 is for global business travel spending to grow at 4.6 percent to $1.07 trillion, followed by significant growth in 2013, advancing another 8.1 percent.

China, in particular, will surpass the U.S. in total business travel spending by 2014 -- a year earlier than previously forecast. This is due to slower U.S. spending growth and continued robust spending in China.

"These are complicated economic times," said Michael McCormick, GBTA executive director and COO. "Our projections last year suggested that the economic recovery was affecting certain types of countries and markets very differently than others, and the data we have this year reinforce those trends.

The continued growth in emerging markets should continue to generate significant expansion in business travel, as more people will need to meet face-to-face to make deals benefiting their companies.

Conditions are more uncertain in the developed markets, in part due to the ongoing European debt crisis. Until that crisis is resolved, business travel is unlikely to grow at its pre-recession rate."

Source :- http://www.travelpulse.com/