Global Accountant Confidence Wanes as US Tariffs Loom, but Asia Pacific Shows Resilience

The Q1 2025 Global Economic Conditions Survey (GECS) by ACCA and IMA reveals a continued decline in global accountant confidence, though at a slower rate than the previous quarter. The survey, conducted from late February to mid-March 2025, highlights a significant rise in confidence in the Asia Pacific region, driven by a surge in mainland China’s confidence and New Orders Index, alongside a strong regional Employment Index. However, Capital Expenditure in Asia Pacific remains below average, and potential front-loading of exports due to anticipated U.S. tariff hikes poses risks. Globally, confidence is dampened by escalating trade tensions, particularly following the U.S. tariff announcement in April, with Western Europe showing some recovery despite concerns. Cost pressures are rising, especially in Western Europe and North America. The economy is the top risk, followed by geopolitical instability, with cybersecurity and talent scarcity also notable concerns in specific sectors.

Global Accountant Confidence

“Global growth has generally proved quite resilient over recent quarters. Nonetheless, the longer that confidence remains depressed, the greater the risk that a self-reinforcing negative cycle could potentially develop, with firms pulling back on orders, capital expenditure and hiring.” – Jonathan Ashworth, Chief Economist, ACCA

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