THE SHIFT OF ECONOMIC POWER away from the western nations will have profound effects on business travel over the next few years, a leading consultant has warned.
John Willman, business editor of the Financial Times, said the BRIC nations - Brazil, Russia, India and China - would be responsible for more than half the global domestic product (GDP) by 2030.
"Economic power is moving from Europe, North America and Japan," he said, adding that these nations currently produced around 35 per cent of GDP, with the BRIC countries at 29 per cent and catching up fast. Business travel growth is not going to be within Europe or between Europe and North America - increasingly, it is going to be between us and Latin America or Asia, and there will be more travel within Asia."
More direct routes will emerge between the growth areas, such as between China and Latin America, especially to the 'rust belt' industrial cities in China.
"China is growing so fast it is dragging up Latin America, because it makes the food-stuffs and other things that China wants," Willman said.