Spend on business travel globally is forecast to reach US$1.7 trillion by 2022, according to new research.
The annual GBTA BTI Outlook (https://www3.gbta.org/l/5572/2018-08-13/5wq3k1) predicts that the annual growth in spend will be between 4 and 5 per cent annually over the next few years, as shown in the chart below.
Source: GBTA BTI Outlook
China is the world's biggest market for business travel, the organisation says; the Germany is the biggest market in Europe, with spend of around US$72 billion followed by the United Kingdom at US$50 bill
The research reveals that the markets with the biggest percentage growth will be Indonesia, India, China, Norway and Sweden.
Global business travel spend is tightly correlated with global trade volumes as can be seen below.
Michael W McCormick, GBTA executive director and COO, says, "This pick-up in growth could signify an end to the 'Era of Uncertainty' in global business travel, but rising protectionism is coming at precisely the wrong time. The direction of trade policy is far and away the biggest wild card that could impact our forecast for global business creating uncertainty that could derail the recovery."
The trade war initiated by US President Donald Trump and seemingly reaching new levels of intensity might therefore throw these forecasts out. Trump's supporters will point to the recent trade deal with Canada and Mexico as evidence that his tactics are working. Whether trade with China and the European Union can be dealt with in the same way remains to be seen.
Michael W McCormick, GBTA executive director and COO, says, "This pick-up in growth could signify an end to the 'Era of Uncertainty' in global business travel, but rising protectionism is coming at precisely the wrong time. The direction of trade policy is far and away the biggest wild card that could impact our forecast for global business creating uncertainty that could derail the recovery."
The trade war initiated by US President Donald Trump and seemingly reaching new levels of intensity might therefore throw these forecasts out. Trump's supporters will point to the recent trade deal with Canada and Mexico as evidence that his tactics are working. Whether trade with China and the European Union can be dealt with in the same way remains to be seen.
Michael W McCormick, GBTA executive director and COO, says, "This pick-up in growth could signify an end to the 'Era of Uncertainty' in global business travel, but rising protectionism is coming at precisely the wrong time. The direction of trade policy is far and away the biggest wild card that could impact our forecast for global business creating uncertainty that could derail the recovery."
The trade war initiated by US President Donald Trump and seemingly reaching new levels of intensity might therefore throw these forecasts out. Trump's supporters will point to the recent trade deal with Canada and Mexico as evidence that his tactics are working. Whether trade with China and the European Union can be dealt with in the same way remains to be seen.