News Americas, NEW YORK, NY, Fri. Aug. 26, 2011: Spending from business travelers to the South American nation of Brazil is forecast to rise this year.
That’s according to the GBTA Foundation, the research arm of the Global Business Travel Association. A comprehensive report analyzing the current state of global business travel spend and growth projections over the next five years called “The Global Business Travel Spending Outlook 2011-2015 study,” revealed that compound annual growth in business travel spending in Brazil is projected to grow two to three times faster than in developed economies like the U.S., France, Germany and the U.K.
Projected Compound Annual Growth in Business Travel Spend between 2011-2015 is projected to grow by seven percent in Brazil.
Overall, business travel spending globally is projected to grow another 9.2 percent in 2011 to just over $1 trillion.
“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.”