Falling Over Fiscal Cliff Could Slash $20 Billion In U.S. Business Travel Spending
"Given business travel's indispensable role in spurring economic growth, these findings dramatically illustrate the potential impact of the fiscal cliff on the overall economy," said Joseph Bates, vice president of research at the GBTA Foundation. "Falling over the cliff would set back the clock substantially for business travel and every other sector of the economy in the near term.
"This research shows that we must seriously consider both the near-term ramifications of the fiscal cliff and the long-term implications of expanding government debt," said Michael W. McCormick, GBTA executive director and COO. "Either way, the fiscal cliff is a wake-up call for leaders looking to craft smart economic policy going forward."
The research, GBTA BTI™ Outlook – United States Special Report: Fiscal Cliff Scenario, was conducted through an analysis and econometric model used in the quarterly GBTA BTI™ Outlook – United States report and altered to reflect predictions in business travel spending and volume according to each of these potential outcomes. The full report is available exclusively to GBTA members by clicking here and non-members may purchase the report through the GBTA Foundation by emailing firstname.lastname@example.org.
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 5,000-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 .SOURCE GBTA Foundation
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