The latest 2022 GBTA Business Travel Index Outlook has been finally launched at GBTA2022 on August 15, 2022. And according to it, global business travel will regain its 2019 level of $1.43 trillion only in mid-2026. This is 18 months later than what was predicted in the group’s last forecast in November. The GBTA took to Twitter to reveal the same and tweeted that global business travel spending is coming back, but recent headwinds push anticipated full recovery into 2025 and 2026. Read on to know more details from the latest 2022 GBTA Business Travel Index Outlook.
“We Won’t Reach And Exceed 2019’s Pre-pandemic Levels Until 2026,” Says Suzanne Neufang, CEO, Global Business Travel Association
GTBA 2022 Business Travel Index Outlook reveals that the primary factors hindering a recovery in global business travel are persistent inflation, high energy prices, severe supply chain challenges, and labor shortages. Apart from this, a significant economic slowdown and lockdowns in China, major regional impacts due to the war in Ukraine as well as emerging sustainability considerations have also been central factors that are coming on the way to recovery in global business travel.
“To understand the headwinds that have been impacting a more accelerated recovery for global business travel, all you have to do is look at the news headlines since the beginning of 2022. The factors impacting many industries around the world are also anticipated to impact global business travel recovery into 2025. The forecasted result is we’ll get close, but we won’t reach and exceed 2019’s pre-pandemic levels until 2026,” revealed Suzanne Neufang, the CEO of GBTA.
Business travel spending is coming back, but recent headwinds push anticipated full recovery into 2025 and 2026, according to the latest 2022 GBTA Business Travel Index Outlook launched today at #GBTA2022
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— GBTA (@GlobalBTA) August 15, 2022
This Major Finding Was Unveiled In The GBTA Convention That Was Recently Held In San Diego
That global business travel won’t pick up till 2026, is a major finding from the latest 2022 GBTA Business Travel Index Outlook – Annual Global Report and Forecast that was published by GBTA and made possible by Mastercard. The report was unveiled on August 15, 2022, at the 2022 GBTA Convention that was held in San Diego. The GBTA BTI is a yearly study of business travel spending and growth. The study covers 73 countries and 44 industries and is in its 14th edition as of now.
At GBTA, we believe business travel is a fundamental force for good. Today, as an outward symbol of business travel’s evolution, we’re unveiling a new brand to reflect our commitment to provide the community building, learning, and advocacy the industry and our members need. pic.twitter.com/pqM2AnvIxc
— GBTA (@GlobalBTA) August 17, 2022