Gains in North America and Asia Pacific Can’t Prevent Overall Fall in Confidence
Recent Data on Economic Confidence
The latest edition of the Global Economic Conditions Survey (GECS) from the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) reveals a slight decline in global economic confidence among accountants for the third quarter of 2025. Despite a brief recovery seen in the previous quarter, overall sentiment remains low when compared to historical data. This trend suggests that accountants are increasingly wary of the economic landscape.
Key Indicators Show Signs of Caution
Several critical indicators from the survey paint a picture of cautious economic outlooks. The Global New Orders Index has experienced a second consecutive drop, reaching its lowest level since the onset of the pandemic—though it doesn’t indicate significant depression compared to historical standards. Additionally, the Capital Expenditure Index is currently at its weakest since the fallout from Russia’s invasion of Ukraine. The subdued Employment Index reflects sluggish job markets across numerous economies, indicating a broader slowdown in growth.
Expert Insights on Economic Resilience
Jonathan Ashworth, Chief Economist at ACCA, noted that the global economy showcased unexpected resilience during the first half of 2025, despite challenges to international trade. However, he pointed out that a decline in key indicators during Q3 could signal potential slowdowns in economic growth. While these readings do not indicate that a severe slowdown is on the horizon, they do underscore increased risks for the upcoming quarters. Ashworth emphasized that developments in U.S. economic policy and international trade will be pivotal factors as we move forward.
Regional Variations in Confidence Levels
While there have been regional improvements, particularly in North America—primarily due to a rise in sentiment among U.S. accountants—overall confidence remains low. Notably, the New Orders Index in North America has plummeted to its lowest point since Q2 2020, reflecting ongoing uncertainty about the U.S. economy. Alain Mulder, Senior Director for Europe Operations at IMA, remarked that while GDP growth in the U.S. was likely solid in Q3, the employment landscape has shown signs of stagnation.
In contrast, the Asia Pacific region has expressed increased confidence, partly due to a reduction in tariff-related concerns and ongoing resilience in the global economy. However, the UK has faced a significant decline in sentiment, particularly among accountants, amidst concerns over looming tax hikes linked to an upcoming budget.
Global Economic Pressures and Their Repercussions
Various economic pressures continue to dominate accountants’ perceptions of risk globally, particularly geopolitical uncertainties and a growing focus on cybersecurity risks. The findings suggest that cybersecurity has transitioned from a technical issue confined to IT teams, evolving into a vital governance and cultural concern for organizations.
Understanding the Organizations Behind the Survey
The ACCA, a professional body established in 1904, aims to support a diverse community of over 257,900 members and 530,100 future members across 180 countries. They are committed to redefining the accountancy profession through advanced qualifications and insights that equip individuals to lead in today’s complex economic landscape.
On the other hand, IMA represents one of the most influential associations dedicated to advancing the management accounting profession. With around 140,000 members globally and a strong focus on research, education, and networking, IMA plays a critical role in fostering ethical business practices and professional development.
Survey Methodology and Participation
The GECS, a collaborative effort between ACCA and IMA, is the largest ongoing survey of its kind and has been conducted quarterly since 2011. The survey captures a wide range of economic variables and serves as a barometer for financial professionals’ views on investment, employment, and costs. In the latest iteration, conducted from September 9 to 25, 2025, the survey enlisted 842 respondents, lending insight into the sentiments of accountants worldwide regarding current economic conditions.
This structured overview of the Global Economic Conditions Survey encapsulates the complex interplay of confidence levels, economic indicators, and regional variations, providing an informative snapshot of the current landscape faced by financial professionals.
