The recovery of global business-travel spending to the pre-pandemic level of $1.4 trillion has been pushed out 18 months to mid-2026 by inflation, economic slowing and high energy prices, the Global Business Travel Association is forecasting.
The return to the 2019 level also is being slowed by supply-chain disruptions, labor shortages, lockdowns in China and the effects of the war in Ukraine on nearby regions, according to the group’s 2022 Business Travel Index Outlook. The report, released Monday at the association’s annual convention, reviews business-travel spending in 73 countries and 44 industries.
“The factors impacting many industries around the world are also anticipated to impact global business-travel recovery into 2025,” said Suzanne Neufang, the organization’s chief executive officer. “The forecasted result is we’ll get close, but we won’t reach and exceed” the pre-pandemic spending until 2026.
Global business travel is expected to total $933 billion this year, 65% of the 2019 level. It should grow to $1.16 trillion in 2023, expand to nearly $1.4 trillion in 2025 and hit $1.47 trillion in 2026.
North America and Western Europe are expected to have the sharpest recoveries, growing to $363.7 billion and $323.9 billion, respectively, by 2026, the study showed.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.