Business travel spending is expected to grow 21 per cent this year worldwide, helped by the rollout of COVID-19 vaccines, but will not recover to pre-pandemic levels until the middle of the decade. This is according to a survey of the Global Business Travel Association (GBTA) in its new survey.
According to the GBTA BTI Outlook, spending on business travel is projected to rise to $842 billion in 2021, after dropping 52 per cent in 2020 to $694 billion due to the pandemic.
After a decade of steady annual growth, business travel is expected to have shown losses in 2020 that were 10 times greater than the declines after the Sept. 11, 2001, attacks or the 2008 recession, according to GBTA.
Despite the expected growth in travel in 2021,…