Sponsored by Visa and researched by Vantage Strategy, the study also projected five-year compound annual growth rate for global business travel of 6.5 percent, but observed the familiar dual recovery: healthy domestic growth and exports for developing countries, sluggish growth in developed economies. "The two-speed economic recovery is mirrored in the recovery of global business travel," according to the report's authors, who noted double-digit percentage growth in China and India, and 5 percent or less for the United States and large European countries, including those dragged down by sovereign debt troubles. "The two-speed nature of the global recovery will result in a dramatic divergence of business travel industry growth around the world. This will exacerbate the already-shifting global business travel market shares." The study also explored business travel levels by industry, finding that "service industries that tend to be much more prevalent in developed economies such as business services and banking have cut T&E budgets more aggressively over the last few years; meanwhile, industries such as food processing, plastic manufacturing, paper, textiles and industrial machinery, more prevalent in the developing world, have seen strong growth over the last few years." Overall, business travel growth, according to the report, has been driven by healthier corporate balance sheets and profits, global trade recovery that has "boosted international business trips," and travel price inflation, notably higher airfares and hotel room rates. Get the full story at Business Travel News