If the European debt crisis worsens, it would wreak havoc on
A new GBTA report said that a severe crisis could result in a 9% decline in trips and 16% drop in spending, or $88 billion in impact.
"Given the critical role of business travel in facilitating economic growth, the current slow
The report, "U.S. Business Travel Outlook: European Debt Crisis Scenario," identified three scenarios:
• The current scenario, a short-lived mild recession that would result in continued growth in
• A moderate scenario of prolonged recession that would result in a spending reduction in business travel of almost $40 billion between 2012 and 2013.
• A severe scenario, where widespread debt and banking failures across the Eurozone and a possible dissolution of the European Union would push spending "back to levels not seen since the Great Recession with a reduction of spending of nearly $88 billion between 2012 and 2013."
“This data serves as a wakeup call to the entire industry as we watch European policymakers work to contain the debt crisis," Michael McCormick, executive director of GBTA, said in a statement.
“We’ve seen a resurgence in business-travel investment, meaning slow but strong economic recovery for the