Business travel sector to lose US$820 billion in revenue on coronavirus hit: industry group

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 66%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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, ...

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines