Worldwide spending on business travel will top pre-pandemic levels next year and expand to more than $1.78 trillion in 2027, according to the Global Business Travel Association’s annual outlook.

Spending has accelerated faster than the group had forecast last year on more stable global economic conditions and as recessions failed to materialize, according to the report released Monday during the GBTA’s annual conference in Dallas. It will hit $1.52 trillion in 2024, topping 2019’s record $1.43 trillion. The group previously expected that the mark wouldn’t be surpassed until mid-2026.

“The headwinds that were anticipated to impact the rebound of global business travel over the past year didn’t materialize and that is good news,” said Suzanne Neufang, GBTA’s chief executive officer. The trends show “an accelerated return to pre-pandemic spending levels.”

How and when business passenger volumes will recover to 2019 levels remains to be seen, according to the report, which assesses data from 72 countries and 44 industries. Travel by large corporations remains stuck at about 75% to 85% of 2019 volume for US carriers, stymied by the slow return of technology firms, employees still being allowed to work remotely and the mixing of business and leisure trips.

Spending rose 47.4% last year to $1.03 trillion and is forecast to increase 32% in 2023 to $1.36 trillion, the report showed.