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Business Travel Was Recovering Post-Covid. It Could Take Another Hit This Year

Recent US policy changes, including fast-moving trade policy and border enforcement, have contributed to an uncertain outlook for business travel, according to a new report.
Business travel, which had been on a path to recovery following the downturn caused by the COVID-19 pandemic, is facing potential setbacks due to economic uncertainty and the rise of remote work. According to a report by the Global Business Travel Association (GBTA), business travel spending in the U.S. was projected to reach $347 billion in 2023, a significant increase from the $277 billion spent in 2022, but still below the pre-pandemic levels of $356 billion in 2019. However, the ongoing economic challenges, including inflation and fears of a recession, could hinder this recovery. Additionally, the shift towards remote and hybrid work models has led many companies to reassess the necessity of business travel, potentially reducing the demand for travel services. The GBTA also noted that while there is a strong desire among business travelers to return to in-person meetings, the economic environment and corporate travel policies will play a crucial role in shaping the future of business travel.

Read the Full Investopedia Article at:
[ https://www.investopedia.com/business-travel-was-recovering-post-covid-it-could-take-another-hit-this-year-11716508 ]