Global Business Travel Sector to Lose $820 Billion Due to Coronavirus1 min read

The world is in a state of serious emergency due to the recent outbreak of a new virus called Coronavirus aka Covid-19. The outbreak is so scary that the World Health Organization has recently declared the virus as a pandemic. Originated from China, the virus is now having its run throughout the other parts of the with a mammoth 134,000+ cases and 4,970 confirmed deaths globally. Now, the virus is about to cost the Global Business Travel Sector a staggering $820 billion revenue hit.

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The APAC countries have been on the worst list. According to a survey by Global Business Travel Association (GBTA)– at least three out of every four companies have already canceled or suspended their business trips to countries like China, Hong Kong, Taiwan, and other APAC countries.

As the estimation stands for now from the Industry Group that the revenue hit forecast to match around $560 billion.

According to the GBTA COO, Scott Solombrino-

“Coronavirus is significantly impacting the business travel industry’s bottom line. The impact on the business travel industry – and to the broader economy – cannot be underestimated.”

Reportedly, China’s business travel has seen a 95% drop since the outbreak is about to lose more than $400Billion in revenue. The hotel industry is also in deep threat of seeing a sharp decline in its revenue as the industry stands as one of the biggest beneficiaries of corporate travel spending.

For more global business updates, be with Markedium.

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