GBTA Predicts Double-Digit Growth for Business Travel in Brazil

International meeting planners can expect more attendees from Brazil at future events, suggests a new study into Brazil’s business travel sector, published this week by the Global Business Travel Association (GBTA). According to the study, “GBTA BTI Outlook – Brazil,” Brazil currently is ranked ninth in the business travel market, but is forecast to become No. 6 over the next few years, surpassing France, Italy and South Korea.

“Business travel to and from Brazil will continue to benefit from the country’s growing economy, as Brazil continues to be a globally important market,” said Tad Fordyce, head of global commercial solutions at Visa Inc., which sponsored the GBTA study. “According to the BTI findings, Brazil’s business travel market ... is projected to see double-digit growth into 2014.”

In fact, Brazilian total business travel spending is forecast to grow 6.3 percent in 2013, to $31.8 billion, and another 12.6 percent in 2014, to $35.8 billion.

According to GBTA, economic turmoil elsewhere in the world, including Europe and the United States, has hurt trade with Brazil, which in turn led to fewer international outbound business travelers from Brazil during the first half of 2013. However, GBTA observes, outbound international travel is expected to “get back on track” in 2014, advancing at a high growth rate of 12.7 percent.

“Despite the relative volatility in Brazil, we have been encouraged by real GDP growth and a significant rise in Brazilian export volumes,” said GBTA Brazil President Wellington Costa. “As the global economy regains double-digit growth, we remain confident that Brazilian business travel spend will return to double-digit growth in 2014; this is nothing but good news.”