The global business travel sector is expected to take a revenue hit of about US$820 billion, with China accounting for nearly half of the losses, as corporates curb travel plans in the wake of the coronavirus epidemic, an industry body said http://bit.ly/38HSMrG on Tuesday.
Business travel to Asia has been the worst hit, with at least three out of every four companies reporting they have canceled or suspended all or most business trips to China, Hong Kong, Taiwan and other Asia-Pacific countries, according to a survey by Global Business Travel Association .The industry group's latest estimate is sharply above its February forecast of a US$560 billion hit.
"Coronavirus is significantly impacting the business travel industry's bottom line," GBTA Chief Operating Officer Scott Solombrino said in a statement.