Problems across the pond could seriously hurt US business travel (Image US Mint)

A worsening of the current Euro debt crisis could have significant negative effects on U.S. business travel, according to a report from the Global Business Travel Association Foundation (GBTA).

Identifying three scenarios for the European debt crisis, the GBTA research found that a severe economic downturn in Europe could cause a nine per cent fall in business trips out of the United States and a 16 per cent drop in spending ¨C or nearly US$88 billion.

According to the study, while a ¡®Baseline/Current Scenario¡¯ would result in continued and moderate growth in corporate travel over the next two years, a ¡®Moderate Scenario¡¯, or prolonged European recession, would create a reduction in spend of around $40 billion (-7 per cent) and 42 million trips (-5 per cent) in 2012 and 2013.?????

Worse still is the ¡®Severe/Extreme Scenario¡¯ ¨C equivalent to banking failures across the continent and the possible demise of the European Union ¨C which would push spending to levels not seen since the Great Recession, with a reduction in expenditure of $88 billion, and 76 million trips in the next two years. ??

GBTA executive director and chief operating officer Michael W. McCormick said the data served as a ¡°wake-up call to the entire industry¡±. 

¡°While these problems are happening abroad, they most certainly can have an effect at home,¡± he explained.

¡°We¡¯ve seen a resurgence in business travel investment, meaning slow but strong economic recovery for the U.S. 

¡°However, in a severe situation where the Eurozone may even break apart, business travel would drop dramatically, severely impeding economic growth overall.¡±

In related GBTA news, former US President George W Bush will be the keynote speaker at the Association¡¯s International Convention and Exposition in Boston in July this year.

The GBTA Convention is the largest annual gathering of business travel and meetings professionals in the world, boasting nearly 6,000 attendees.??

In 2011, actor Sean Penn was amongst those to speak at the event.