The Global Business Travel Association (GBTA) Foundation has released its latest “GBTA BTI Outlook – United States 2016 Q2” report with slightly downgraded expectations from the previous quarter.

GBTA forecasts U.S. business travel spending to grow only 0.9% this year ($292.5 billion) before advancing 4.2% in 2017 ($304.9 billion), according to the report.

Increasing risks in the domestic and global economies, uncertainty leading up to the U.S. presidential election, the surprising vote from the U.K. to leave the EU, and continued signs of a weakening global economy have combined to influence the slightly more pessimistic outlook for U.S. business travel over the next six months, according to the GBTA Foundation.

“The slow growth environment of the U.S. and global economies has taken a toll on many fronts leading to this ‘new normal’ of slow but steady 1% to 2% progress,” said Michael W. McCormick, GBTA’s executive director and COO. “Favoring dividends, M&A, and stock repurchases over investing in capital, people and business travel in this environment could come back to haunt U.S. businesses. When growth does re-accelerate, companies must be ready with the newest technologies, the most productive workforce, and the critical customer relationships necessary to take full advantage.”