By Doyinsola Oladipo
NEW YORK (Reuters) - Global business travel spending in 2023 recovered to pre-pandemic levels in North America, Latin America, the Middle East and Africa as companies resumed in-person gatherings and conferences, according to report released Monday by an industry association.
However, the Global Business Travel Association's annual report also said business travel spending adjusted for inflation remains below 2019 levels and a full global recovery faces increased headwinds from geopolitical conflicts and a slower travel rebound in major markets like China.
Global business travel spending as a whole in 2023 increased 30% to $1.34 trillion from the previous year, but it was still about 7% below pre-pandemic levels, according to the report.
"We are now expecting to see continued solid spend growth in business travel, but at a more normal, moderate level as the world economies return to a more traditional cycle," said Suzanne Neufang, the association's chief executive officer.
