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SOURCE GBTA Foundation
Brazil Moves Up to 8th Largest Business Travel Market in the World, Poised for Continued Growth
SAO PAULO, April 29, 2014 /PRNewswire-USNewswire/ -- The GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA) – announces 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.
Key highlights of the report include:
"This forecast tells a story of continuing positive growth in Brazil despite recent volatility," said Wellington Costa, president of GBTA Brazil. "The encouraging turnaround for international outbound business travel spending paired with expected domestic growth as well shows suppliers and travel managers that Brazil is a key market to be in for businesses expanding globally."
"With the forecast for increased business travel to and from Brazil, travel will continue to be an important sector of the Brazilian economy," said Percival Jatoba, Vice President of Products of Visa Brazil. "Visa is committed to providing a secure, globally accepted payment option for business travelers, a vital step toward economic growth."
Infrastructure Growth Moving Forward With World Cup and Summer Olympics Looming
Brazil continues its race to expand infrastructure, particularly transportation infrastructure, as the country prepares to host the World Cup later this year and the Summer Olympics in 2016. In the World Economic Forum's 2012-2013 Global Competitiveness report, Brazil ranked 107 out of 144 countries for quality of infrastructure falling three spots from the previous year. Brazil seeks major improvement including modernization of ports, the expansion of airports and the repair of crumbling highways, and is attempting to meet these challenges through privatization. While it will be a challenge to complete these projects in time for the World Cup, these efforts should have significant impacts on trade and business travel in Brazil over the next decade.
World Cup Impact on Business Travel
Travel managers who already have arrangements in place for travel during the World Cup are in a good position. Those looking to make arrangements during that timeframe should act quickly as it's possible they could face higher prices and limited availability as the event nears.
About the GBTA BTI™ Outlook – Brazil
The GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA), commissioned Rockport Analytics, LLC to build the first-ever semiannual business travel outlook for Brazil. Sponsored by Visa, the purpose is to provide corporate travel professionals and the broader business community insight into both short- and long-term trends in domestic and international outbound business travel activity.
The GBTA BTI™ Outlook – Brazil projects aggregate business travel trends over the next eight quarters. The report tracks business travel spending in total and by domestic and outbound segments. It relates unfolding economic events at home and abroad to their resulting impacts on the Brazilian business travel market. GBTA BTI™ Outlook – Brazil 2013H2 is the fourth report in the semiannual series.
Rockport Analytics developed an econometric model to better inform the forecast process. The model explicitly relates measures of business travel spending, uniquely sourced from other GBTA Foundation research , to key economic and market drivers of Brazilian business travel including:
About the GBTA Foundation
The GBTA Foundation is the education and research foundation of the Global Business Travel Association (GBTA), the world's premier business travel and corporate meetings organization. Collectively, GBTA's 6,000-plus members manage over $340 billion of global business travel and meetings expenditures annually. GBTA provides its network of 21,000 business and government travel and meetings managers, as well as travel service providers, with networking events, news, education & professional development, research, and advocacy. The foundation was established in 1997 to support GBTA's members and the industry as a whole. As the leading education and research foundation in the business travel industry, the GBTA Foundation seeks to fund initiatives to advance the business travel profession. The GBTA Foundation is a 501(c)(3) nonprofit organization. For more information, see gbta.org and gbta.org/foundation.
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