The Global Business Travel Association Foundation has downgraded its business travel spending forecast for Brazil.

After reaching U.S. $32 billion in 2014, business travel spending there will grow only 1.8 percent this year, down from the prior GBTA projection of 4.1 percent. The revised forecast cited a lack of infrastructure improvements, a struggling domestic economy and a troubled regional economy. GBTA Brazil regional director Wellington Costa pegged the 2016 Olympics in Rio de Janeiro as an economic and infrastructure boost that will improve business travel spending in 2016.