Global Business Travel Association (GBTA), a business travel and corporate meetings organization reported that in 2011, emerging markets such as Brazil, Russia, India and China experienced growth rates over 15% in business travel spending, which was much higher than the substantially slower growth rates of the U.S. and Western Europe. 

"Emerging markets are proving to be a big draw for business and leisure travelers alike,"said Tad Fordyce, head of global commercial solutions at Visa Inc. "For example, in 2011, we saw Brazilian Visa account holders increase international tourism spend by 32 percent to $6.3 billion and inbound travel increased 10 percent to $2.3 billion."

The more developed regions of the world, such as the United States and Western Europe, important drivers of domestic and international outbound business travel have slowed. Corporate profit growth and business equipment spending have both slowed markedly since last fall. Along with them, business confidence has dropped back from levels achieved earlier this year. This has brought in a more careful stand on hiring, equipment purchases and business travel.

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