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THE BUSINESS TRAVEL resurgence in the U.S. significantly impacted the economy in 2022, with every $1 spent returning $1.15 to the U.S. GDP, according to the Global Business Travel Association. The industry also contributed $484 billion to the U.S. GDP in the same year and the association forecasts a further increase in business travel spending for 2024. The study, titled "GBTA U.S. Economic Impact Study: Business Travel's Impact on Jobs and the U.S. Economy," revealed that for every 1 percent growth in business travel, the U.S. economy gains nearly 60,000 jobs, $2.9 billion in wages, $1.2 billion in tax revenue and $4.8 billion in new GDP. "The data shows that business travel is a substantial contributor to the health of the U.S. economy, and therefore also a key driver for the global economy," said Suzanne Neufang, GBTA's CEO. "Business travel supports millions of jobs and delivers billions in tax revenue, which is why it is important for policymakers to consider the impact on the industry when devising economic policies - and for sustainable solutions to be prioritized, funded and developed to help us abate travel's hardest-to-abate sectors."

GLOBAL BUSINESS TRAVEL spending is forecast to reach $1.48 trillion by the end of 2024, surpassing the previous record of $1.43 trillion in 2019, according to a recent study by the Global Business Travel Association. Spending is projected to exceed $2 trillion by 2028, indicating strong growth for the business travel sector. The 2024 GBTA Business Travel Index Outlook, supported by Visa, found that economic stability and lingering pent-up demand are driving growth, reassuring CEOs and CFOs to send their teams back on the road for business meetings. "We are witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide," said Suzanne Neufang, GBTA's CEO. "With projected spending expected to continue to increase through 2028, the future of business travel looks promising. However, we must remain vigilant and adaptive to potential headwinds in this period of stabilization, as factors such as changing economic conditions, technological advancements and sustainability developments will also shape the sector ahead."