Business Travel Growth Expected to Slow Amid Economic Concerns
According to the latest forecast from the Global Business Travel Association via USA Today, business travel will continue to grow over the remainder of 2015, but at a much slower rate than originally projected as a result of several key economic factors.
The updated GBTA forecast calls for only a one percent increase in total business trips in 2015 to roughly 488.1 million.
That figure is four million less than what was first projected.
GBTA executive director Michael McCormick cited recent financial fallout in Greece as one of the economic indicators expected to impact business travel growth over the second half of 2015.
"When people see Greece in the headlines, it does make everyone pause,'' McCormick told USA Today. "All the economies are so inextricably linked, and the time it takes for something in another part of the world to affect our economy is so fast...those worries do cause some degree of cautiousness.''
In addition to economic trouble in Europe and some other parts of the world, sporadic GDP growth in the U.S. is among the concerns that currently have some companies hesitant to invest in corporate travel.
Despite the hampered growth, though, the GBTA is anticipating a surge in 2016, with business trips projected to grow by three percent to 502.8 million.
What's more, 2015's limited growth has done little to diminish the expansion of business travel over the past six years, with overall spending on corporate travel worldwide having risen 38 percent since 2009's Great Recession.
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