Brazil is expected to surpass South Korea, France and Italy in the business travel global spending rankings, according to the Global Business Travel Association, which just released its latest GBTA BTI Outlook report on Brazil as part of its semi-annual series.
Key highlights of the GBTA BTI include:
– GBTA BTI has downgraded its near-term outlook for Brazilian business travel as forecasted in the first half of 2013 due to experienced volatility as a result of slower than expected, but still robust economic growth at home and abroad, particularly through June 2013.
– However, Brazilian total business travel spending is forecasted to grow 6.3 percent in 2013 to $31.8 billion and another 12.6 percent in 2014 to $35.8 billion, as the global economy gains momentum along with Brazilian domestic demand.
– The weaker external environment and the subsequent drop-off in trade with Europe and the U.S. have hit Brazilian international outbound business travel spending particularly hard. In 2013, international outbound business travel suffered negative growth over the first two quarters, but is expected to get back on track in 2014, advancing at a high growth rate of 12.7 percent.