A recovery in global business travel spending to pre-pandemic levels is likely to be delayed by 18 months to 2026 because of factors like persistent inflation, high energy prices, labour shortages and lockdowns in China, a new industry forecast shows. The Global Business Travel Association (GBTA) said business travel spending rebounded by 5.5% to $697 billion in 2021 with North America leading the recovery, but remained well short of 2019 levels of $1.4 trillion. The recovery outlook is more pessimistic than GBTA’s last forecast issued a year ago, when it expected a full rebound to 2019 levels by 2024.
Published in The Express Tribune, August 17th, 2022.
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