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Global Accountants' Economic Confidence Stagnates in Q3 2025

The recent Global Economic Conditions Survey (GECS), conducted by the ACCA (Association of Chartered Certified Accountants) and the IMA (Institute of Management Accountants), has revealed a slight decline in economic confidence among global accountants for the third quarter of 2025. This stagnation comes after a slight recovery in the previous quarter, placing overall confidence levels at a low not seen since pre-pandemic days.

Key Findings from the Survey

The survey presents several notable indicators, all of which have decreased, reflecting a cautious outlook on the global economy. The Global New Orders Index experienced its second consecutive decline, dropping to its lowest level in the post-pandemic era, although its historical positions are not overly concerning. Furthermore, the Capital Expenditure Index has hit its weakest point since the disturbances caused by Russia's invasion of Ukraine, and the Employment Index remains subdued, emphasizing ongoing struggles in multiple job markets worldwide.

Jonathan Ashworth, the Chief Economist at ACCA, noted that the global economy showcased unexpected resilience in the first half of 2025, despite significant upheavals in international trade. However, he pointed out that key indicators dropping in Q3 raise concerns about potential slowdowns in growth in the upcoming quarters.

Ashworth stated, "Although the readings do not suggest an immediate major downturn is looming, they certainly indicate a heightened risk of a cooling in global growth. The U.S. economy, its regulatory environment, and international trade dynamics remain significant uncertainties for the months ahead."

Regional Confidence Variations

Interestingly, while some regions saw confidence rise, others experienced sharp declines. North America, bolstered by an uptick in sentiments among American accountants, managed to enjoy a robust increase in confidence. However, levels remain low, with the New Orders Index plummeting to the lowest since Q2 2020, when the pandemic peaked.

Alain Mulder, Senior Director of European Operations at IMA, remarked, "Despite signs of a cooling jobs market, GDP growth appears to have remained solid in Q3 in the U.S. Nonetheless, our indicators reveal that economic headwinds are likely to pose substantial challenges, hinting at a potential reduction in growth rates."

In contrast, confidence plummeted sharply in Western Europe, particularly in the UK, which faces uncertainties over significant tax hikes anticipated in the upcoming budget. This dissatisfaction dampens the already low spirits among accountants in the region.

Ongoing Economic Pressures

Globally, economic pressures dominate accountants' risk assessments. Geopolitical uncertainties also weigh heavily on sentiments, and cybersecurity remains a top concern. The survey notes that cyber risk has evolved beyond a concern relegated to IT departments; it now represents a broader governance issue for organizations across various sectors.

With economic confidence remaining fragile, the way forward necessitates a cautious approach. As the world grapples with complex challenges, including energy fluctuations, inflationary pressures, and global political tensions, stakeholders in the accounting realm are urged to stay informed and prepared.

About ACCA and IMA

The ACCA is a globally recognized professional body for accountants, established in 1904. It promotes robust professional standards, preparing its members for current and future challenges in the finance sector.

The IMA is dedicated exclusively to advancing management accounting, widely respected for its comprehensive certification programs and commitment to ethical business practices. Together, these organizations publish the GECS, which serves as a critical tool for understanding economic conditions over time.

For further information, interested parties can visit the respective websites of ACCA and IMA.