Worldwide business travel spend continues upswing
Worldwide business travel spending is expected to grow 9.2 percent this year, says a new survey.
That is good news after increases of 8.4 percent in 2010 and minus 7.8 percent the year before.
According to the study, The Global Business Travel Spending Outlook 2011-2015 report, the world’s economic recovery is going on at two different speeds.
“Compound annual growth in business travel spending in Brazil, Russia, India and China is projected to grow two to three times faster than in developed economies like the US, France, Germany and the U.K,” the report says.
"The recovery is happening, it's just not happening as quickly as most people would like," said Michael W. McCormick, GBTA executive director and COO. He added:
"Several countries are seeing the rebound happen at a much faster and more stable pace, and we're seeing that in the pace of business travel spending in the economies of China, India, Russia and Brazil. We're still bullish on business travel and all signs point towards continued growth."
Global business travel has advanced faster and farther than expected a year ago, according to the association. There are several reasons.
- Strong cost controls put in place by companies have helped overcome the recession, for example.
- Second, the recovery in global trade growth dramatically boosted international business trips.
- Finally, travel inflation, particularly in air fares, is contributing to the rebound in travel spend.
By David Wilkening
David
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