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

The global business travel sector is expected to take a revenue hit of about $820b, with China accounting for nearly half of the losses, as corporates curb travel plans in the face of the coronavirus epidemic, an industry body said Tuesday. Business travel to Asia has been the worst hit, with at least three out of every four companies reporting they have cancelled 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 (GBTA). The industry group’s latest estimate is sharply above its February forecast of a $560b hit. “Coronavirus is significantly impacting the business travel industry’s bottom line,” GBTA COO Scott Solombrino said. “The impact to the business travel industry – and to the broader economy – cannot be underestimated.”<br/>