GBTA Foundation Forecasts that Brazil’s Economy Faces ‘Significant Headwinds’ and Downgrades Outlook for Brazil’s Business Travel Spend in 2015

Published on : Monday, June 22, 2015

GBTA Final Logo_origThe GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA) – today announced the results of its latest GBTA BTI™ Outlook – Brazil report, a semi-annual business travel outlook and overall economic analysis of Brazil. The report, sponsored by Visa Inc., includes the GBTA BTI™, an index of business travel spending that distills market performance over a period of time.

 

For the second time in a row, the GBTA Foundation significantly downgraded its business travel spending forecast for Brazil. After reaching $32 billion USD in 2014, business travel spending will grow only 1.8 percent this year, down from the 2014H2 projection of 4.1 percent. Driving factors of this less-optimistic forecast include the struggling domestic economy, the lack of significant infrastructure improvements and the troubled regional economy.

 

“The Brazilian economy and business travel in the region face significant headwinds in 2015,” said Wellington Costa, regional director for GBTA Brazil. “The 2016 Olympics, however, should provide a confidence boost and a significant windfall to Brazil’s tourism sector. That combined with improved economic growth, lower inflation and a stronger global economy should lead to stronger business travel spending in 2016.”

 

Other key highlights from the report:

 

“Brazil is the 8th largest business travel market in the world and one of the reasons is that the usage of electronic payments here is very broad,” said Percival Jatobá, head of Products, Visa do Brasil. “Brazilians are used to paying for everything with cards and Visa is committed to giving travelers the most convenient and secure consumer experience.”

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