The market for global business travel, meetings and events have recovered well from the downturn caused by the pandemic – but there are challenges ahead, according to the latest GBTA CWT 2023 Global Business Travel Forecast.
The report, produced by Global Business Travel Association (GBTA) and global business travel company CWT states that the sectors ‘have made incredible progress in recovering from one of the worst economic downturns on record’.
However, it says that while the overall outlook is positive ‘there are potential risks that could frustrate recovery’, largely because of ‘geopolitical uncertainties’, including the Ukraine war, continuing COVID restrictions in some markets, travel disruptions caused by staff shortages, ongoing high prices and the growing likelihood of a global recession.
It added that despite the fact growth is ‘expected in all major business travel and meetings markets’ in the years ahead, it was important to consider that conditions were continuing to be ‘highly uncertain’.
The increasing pressure for businesses to operate sustainably and offer greener travel options, carbon footprints and environmental impact assessment is a further challenge, it added.