Global spending on business travel is projected to grow another 9.2 percent in 2011 to just over $1 trillion, according to a new study from the GBTA Foundation.
The Global Business Travel Spending Outlook 2011-2015 study also says that business travel spend around the world increased 8.4 percent in 2010, after falling 7.8 percent in 2009.
According to the study, the global economic recovery is occurring at two different speeds and that is reflected in the recovery of global business travel. 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 U.S., France, Germany and the U.K.
“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. “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.”
