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GBTA Foundation Forecasts that Brazil’s Economy Faces ‘Significant Headwinds’ and Downgrades Outlook for Brazil’s Business Travel Spend in 2015

After Tough 2015, Brazil is Forecasted to Rebound in 2016

Sao Paulo, Brazil (June 22, 2015) —The GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA) – today announced 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.

For the second time in a row, the GBTA Foundation significantly downgraded its business travel spending forecast for Brazil. After reaching $32 billion USD in 2014, business travel spending will grow only 1.8 percent this year, down from the 2014H2 projection of 4.1 percent. Driving factors of this less-optimistic forecast include the struggling domestic economy, the lack of significant infrastructure improvements and the troubled regional economy.

“The Brazilian economy and business travel in the region face significant headwinds in 2015,” said Wellington Costa, regional director for GBTA Brazil. “The 2016 Olympics, however, should provide a confidence boost and a significant windfall to Brazil’s tourism sector. That combined with improved economic growth, lower inflation and a stronger global economy should lead to stronger business travel spending in 2016.”

Other key highlights from the report:
• Accelerating inflation during a period of slow economic growth is causing many growing pains for Brazil’s economy and natural causes are continuing to drive inflation – particularly the acute water shortage. Brazil’s reservoirs are at historically low levels and are on par with the worst month of 2001 when Brazil was forced to ration electricity. Electric rates are expected to rise as much as 30 percent this year further contributing to inflation.
• Falling oil prices in Europe and the United States have reduced inflation, but this is not the case in Brazil where energy prices are primarily controlled by the government. Due to fallout from the bribery scandal at Petrobras along with Brazil’s fiscal challenges, administered fuel prices have been allowed to continue to rise.
• Slowing growth has led Brazil’s business travel market to backslide to the eighth spot in the global spending rankings – falling from number seven.
• In 2016, improved economic growth particularly from exports and investment will support some improvement in business travel spending leading to 5 percent growth exceeding $34 billion USD.
• Domestic business travel in Brazil continues to weaken as both business and consumer confidence fall. GBTA expects 2.1 percent spending growth this year before picking up the pace in 2016, rising 5.7 percent.
• International Outbound (IOB) business travel has been even more troubled than the domestic activity as Brazil continues to struggle with a lack of competitiveness that is undermining export growth in addition to continued global challenges and a regional economic weakening. IOB spending growth in 2015 will be nearly flat before growing 1.7 percent in 2016.

“Brazil is the 8th largest business travel market in the world and one of the reasons is that the usage of electronic payments here is very broad,” said Percival Jatobá, head of Products, Visa do Brasil. “Brazilians are used to paying for everything with cards and Visa is committed to giving travelers the most convenient and secure consumer experience.”

The report is available exclusively to GBTA members by clicking here and non-members may purchase the report through the GBTA Foundation by emailing [email protected] GBTA Vice President of Research Joe Bates will be presenting the data today at GBTA Conference 2015 Sao Paulo.

CONTACT: Colleen Lerro Gallagher, +1 703-236-1133, [email protected]

À propos de la Fondation GBTA
La Fondation GBTA est la fondation d'éducation et de recherche de la Global Business Travel Association (GBTA), la première organisation commerciale de voyages d'affaires et de réunions au monde dont le siège est situé dans la région de Washington, DC et qui opère sur six continents. Collectivement, les plus de 7 000 membres de GBTA gèrent chaque année plus de $345 milliards de dépenses mondiales de voyages d'affaires et de réunions. GBTA fournit son réseau croissant de plus de 28 000 professionnels du voyage et 125 000 contacts actifs avec une éducation, des événements, des recherches, des plaidoyers et des médias de classe mondiale. La Fondation a été créée en 1997 pour soutenir les membres de GBTA et l'industrie dans son ensemble. En tant que principale fondation d'éducation et de recherche dans l'industrie du voyage d'affaires, la Fondation GBTA cherche à financer des initiatives visant à faire progresser la profession du voyage d'affaires. La Fondation GBTA est une organisation à but non lucratif 501(c)(3). Pour plus d'informations, voir www.gbta.org et www.gbta.org/foundation.

À propos de l'Association mondiale des voyages d'affaires
La Global Business Travel Association (GBTA) est la première organisation commerciale de voyages d'affaires et de réunions au monde. Son siège social est situé dans la région de Washington, DC et elle opère sur six continents. Plus de 9 000 membres de GBTA gèrent chaque année plus de $345 milliards de dépenses mondiales de voyages d'affaires et de réunions. GBTA et la Fondation GBTA offrent une éducation, des événements, des recherches, des plaidoyers et des médias de classe mondiale à un réseau mondial en pleine croissance de plus de 28 000 professionnels du voyage et 125 000 contacts actifs. Pour savoir comment les voyages d'affaires stimulent la croissance durable des entreprises, gbta.org
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Media Contacts
Colleen Gallagher

Vice-président, Communications
+1 703 236 1133
[email protected]

Marianne Varkiani

Communications Manager
+1 703 236 1164
[email protected]

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