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Business Travel to Grow Until 2018
Business travel remains one of the most profitable segments of the tourism industry. In 2013, the global spending of business travel is forecasted to add 5.4% and reach US$1.12 trillion. Business travel spending finally stabilizes after economic downturn and political uncertainty. Such a positive forecast is made by GBTA (Global Business Travel Association).
In coming years, business travel will become even more profitable. 2013 may lay a foundation to future growth, and in 2014 business travel spending will add 8.2%, followed by +7.6% in 2015, 7.2% in 2016, and 7.1% in 2017.
Asia Pacific remains the fastest growing region with yearly increase of business spending of 8%. Comparing to 2000, in 2012 the region doubled in size and estimated US$393 billion. China is slowly becoming the biggest business travel market and it may even surpass the US, which is currently the biggest business travel market in the world, by 2016.
India is another quickly developing business travel market. Last year, the country managed to become the 10th largest business travel market in the world, surpassing Canada. The total business travel spending in India estimates US$22.1 billion. Within next 5 years, the country’s growth in the segment will be 13.5%. That will certainly make India one of the fastest growing countries in the world.
While European business travel market leaves much to be desired, experts assume the worst time is already over, and within next 5 years to region will be able to regain its position.
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