Global business travel sector hits $ 820 billion due to Corona

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New delhi date. 11 March 2020, Wednesday

The coronavirus is expected to hit $ 2 billion in revenue from the global business travel sector (foreign business travel). Fifty percent of these losses alone are frightening to China. The loss is seen as corporations around the world are canceling or restraining their business trips, the industry body said.

Business travel has been the biggest impact in the Asia area. Three out of four companies are reporting that they have either canceled or cut their business trips to China, Hong Kong, Taiwan and other countries in the Asia-Pacific region, according to a survey conducted by the Global Business Travel Association (GBTA). Was reported.

The loss was estimated at $ 2 billion earlier in February. The virus, which has swept most countries around the world, has affected global trade. The coronavirus business is seriously impacting the profitability of the travel industry, sources in the association said. The impact on the business travel industry cannot be underestimated.

China's business travel has declined by 5 percent following the outbreak of the coronavirus, and corporate business is expected to lose $ 1.1 billion to the business travel sector. In addition, Europe is facing a loss of $ 1.8 billion.

The largest beneficiaries of corporate travel expenses are the airlines and hotel sectors. The sector is also hit hard, sources added.


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