Despite two quarters of weaker economic growth in 2013, business travel spending in Brazil is expected to expand 12.5% to $37 billion in 2014 and another 5.9% in 2015, according to the latest semi-annual “GBTA BTI Outlook — Brazil” report by the Global Business Travelers Association (GBTA) Foundation.

Sponsored by Visa Inc., the report includes the GBTA BTI — an index of business travel spending that distills market performance over a period of time.

“This forecast tells a story of continuing positive growth in Brazil despite recent volatility,” said Wellington Costa, president of GBTA Brazil. “The encouraging turnaround for international outbound business travel spending, paired with expected domestic growth as well, shows suppliers and travel managers that Brazil is a key market to be in for businesses expanding globally.”

According to the GBTA, key highlights of the report include:

• Since 2000, annual spending on business travel in Brazil has tripled.

• Last year, Brazil’s business travel industry moved up one spot in the rankings to become the eighth largest business travel market in the world. If Brazil can get economic growth back on track, GBTA expects it to continue to climb the ranks of the top business travel markets in the world, likely surpassing South Korea and France during the next 10 years.

• Domestic business travel spending growth in Brazil has slowed significantly off its aggressive pace earlier in the decade, mostly due to the slowdown in the domestic economy. But GBTA expects domestic business travel spending will strengthen a bit in 2014, as firms and policymakers continue to take strides to boost productivity and competitiveness.

• Growth in international outbound (IOB) business travel was hit hard in recent years mostly due to the external environment, but the worst appears to be in the past — as a recovery in the Euro Area, Brazil’s largest trading partner, is underway. GBTA expects IOB spending will advance 13.1 percent in 2014 followed by another 8.1 percent in 2015 hitting $7.2 billion USD.

“With the forecast for increased business travel to and from Brazil, travel will continue to be an important sector of the Brazilian economy,” said Percival Jatoba, vice president of products of Visa Brazil.