After an uneven 2016 that saw only limited increases in overall pricing, the business travel outlook for 2017 looks to be similarly subdued, with flat to moderate rate increases expected globally across air, hotel, and ground transportation, according to Global Business Travel Forecast 2017 by American Express Global Business Travel.

The continued slowdown of the Chinese economy and depressed oil prices, the United Kingdom’s impending departure from the European Union, growing populist politics and increased security concerns in many countries have together created a higher level of uncertainty in the global marketplace. It remains to be seen how this will impact business travel over the next year.

Additional global highlights from the include:

Air: Global demand for air travel remains at a record high. Persistently low fuel prices and strong competition will help keep airline fares in check.

Hotels: Hotel performance will improve moderately and prices will remain flat in most regions with the exception of Latin America, where rates will decline slightly, and Asia Pacific, where the impact varies greatly by country.

Ground: Ground transportation has undoubtedly felt the impact of new industry players and rates should remain flat as capacity continues to exceed demand.