Coronavirus Threatens to Take $560 Billion Out of Global Corporate Travel Spending

A projected shaving of 37 percent off the forecast for 2020 global corporate travel spending is already a worrisome decline, but the figure could still go higher if the virus outbreak turns into a global pandemic.

An industry group said the coronavirus could scythe $560 billion (£431 billion) from spending on corporate travel this year, a 37 percent drop from its 2020 global expenditure forecast, as meetings and events are cancelled and companies limit travel to protect employees.

The U.S.-based Global Business Travel Association said two-thirds of polled members had postponed at least a few events, while 95 percent had suspended or cancelled most or all trips to China and 23 percent to European countries such as France, Germany and Italy.

The virus was fundamentally affecting the way companies do business, said the association's chief operating officer Scott Solombrino.