KARACHI: The latest ACCA and IMA Global Economic Conditions Survey (GECS) shows that global economic confidence among accountants declined slightly in Q3 2025, reversing some of the modest gains made in the previous quarter. Despite resilience in the first half of the year, confidence remains low relative to historical norms, and other forward-looking indicators also softened, reflecting continued caution over the global outlook.
The Global New Orders Index posted a second consecutive fall, reaching its lowest point since the pandemic period, while still not historically depressed.
The Capital Expenditure Index weakened to levels last seen after Russia’s invasion of Ukraine, and the Employment Index signalled ongoing sluggishness across labour markets. Respondents, including chief financial officers, demonstrated a noticeably cautious sentiment.
The Chief Economist at ACCA – Jonathan Ashworth noted: “While the survey results do not imply an imminent major downturn, they suggest a risk of slower global growth in the coming quarters.” He emphasized that developments in the United States, international trade dynamics, and geopolitics remain key sources of uncertainty.
Regional trends were mixed. North America recorded a strong improvement in confidence, helped by better sentiment among US accountants. However, overall confidence remains subdued and the New Orders Index in the region dropped sharply to its weakest level since Q2 2020.
Alain Mulder of IMA stated that: “While risks persist, solid US GDP growth, easing monetary policy, strong stock markets, and ongoing AI investment reduce the likelihood of a severe slowdown.”
Asia Pacific saw a rise in confidence, supported by global economic resilience and reduced tariff-related concerns. On the contrary, confidence in Western Europe deteriorated sharply, particularly in the UK, where fears of significant tax increases are weighing on sentiment.
Globally, economic pressures continue to dominate risk perceptions, followed closely by geopolitical uncertainty and escalating cyber-security threats, which are increasingly viewed as governance and cultural issues, rather than purely technical concerns.
Copyright Business Recorder, 2025
