According to a new report by Travelport, released at the World Travel & Tourism Council Global Summit in Bangkok this week, the business travel sector will grow by 3.7% per year over the next decade.
Specifically Asia-Pacific’s business travel sector is expected to grow the fastest, at a predicted rate of 6.2% each year to 2027. The top 10 list of countries with the strongest forecast annual business travel growth to 2027 include, from the APAC region: China (9.5%), Myanmar (8.7%), Hong Kong (8%), Cambodia (7.4%) and India (7.2%). Eight of the top 20 fastest-growing business travel destinations have introduced visa improvements which helps sector growth.
David Scowsill, President & CEO, WTTC, said: “Travel & Tourism generates USD$7.6 trillion in GDP and supports over 292 million jobs. Business travel is a vital part of the sector, and it is a key catalyst for global growth. It drives the relationships, investments, supply chains and logistics that support international trade flows.”
CEO of Travelport, Gordon Wilson, added: “Every day we see business travel growing at a significant rate in many emerging markets with technology playing an in increasingly important role in easing the way for those on trips for their work. As an industry we need to continue to invest in the best technologies and infrastructure whilst governments need to be more business-friendly by removing burdensome visa requirements.”