THE Global Business Travel Association (GBTA) has warned of billions of dollars in potential losses as a result of American President Donald Trump’s travel bans, upheld in the US Supreme Court this week (TD Wed).
The association said more than US$185 million in business travel bookings were lost within a week when the travel bans were first enacted, and though the impact had since lessened, “the effect on business travel and the US economy remains”.
The GBTA this week released a survey showing 23% of US travel buyers say the bans have in some way reduced their travel, and 37% expect reductions in the future.
A similar poll of GBTA members in Europe found 31% had experienced a reduction in travel.
“GBTA is deeply concerned about the long-term impact of these survey results, and the global perception of doing business with the United States,” the association said.
“For every 1% decrease in business travel spending, the US economy loses 74,000 jobs, $5.5 billion in GDP, $3.3 billion in wages and $1.3 billion in taxes.”
Source: Travel Australia