The Global Business Travel Association (GBTA) forecast a full recovery for business travel to pre-pandemic levels by 2025 in its annual BTI Outlook, now in its 12th year and featuring an exhaustive study of business travel spending and growth covering 75 countries across 48 industries. The study sees a 21% increase in business travel spending in 2021 with most expected to come at the end of the year as vaccinations increase globally. The report also shows further acceleration in 2022 with significant pickup in group meetings and international business travel; a slowing in 2023 but with growth rates still well above historical average rates; and spending of $1.4 trillion by the end of 2024, nearly equaling pre-pandemic levels. According to the study, 2020 business travel spending losses are expected to be 10 times larger than the impact of either 9/11 or the Great Recession of 2008. Dave Hilfman, interim executive director, said that economic recovery is already under way, although very uneven across countries and sectors. He said the continued rollout of the vaccine will be central to recovery globally as will decisions of the new administration regarding global trade and border and quarantine policies.