THE ACCA and IMA Global Economic Conditions Survey (GECS) revealed that confidence among global accountants declined slightly in Q3 2025 following some recovery in Q2, and it remains stuck at a low level by historical standards.

The survey’s other key indicators also declined and suggest some caution regarding global economic prospects. The Global New Orders Index saw a second-consecutive fall, placing it at its lowest level in the post-pandemic period although it is not particularly depressed by historical standards. The Capital Expenditure Index is at its weakest since the aftermath of Russia’s invasion of Ukraine, while the subdued Employment Index attests to sluggish job markets in a number of economies. Caution also seemed to be the order of the day among chief financial officers in our survey.

Jonathan Ashworth, chief economist, ACCA, said: “The global economy proved more resilient than expected in the first half of 2025, despite the major disruptions to international trade. However, all our key indicators declined by varying degrees in Q3. While the readings don’t necessarily indicate that a major slowdown is imminent, they nonetheless point to the risk of some slowing in global growth over the next few quarters.

“Developments in the US economy and policy, as well as international trade and geopolitics, remain key areas of uncertainty for the coming months.”

Some important regions saw improvements in confidence. While North America enjoyed a strong rise — aided in part by another improvement in sentiment among US accountants — confidence in the region remains at a low level, and the forward-looking New Orders Index experienced a large drop to reach its lowest point since the height of the pandemic in Q2 2020.

Alain Mulder, senior director, Europe operations and global special projects at IMA said: “Uncertainty persists on the prospects for the US economy. The jobs market has slowed but GDP growth was likely solid again in Q3. Overall, our indicators point to quite a challenging economic backdrop and suggest the risk is for some slowing in growth over coming months. But with monetary policy set to become less restrictive, stock markets at record highs, and strength in AI-related investment likely to continue, a major slowdown is not a central-case scenario.”

Asia Pacific’s confidence rise may be attributed to the resilience of the global economy and some decline in tariff-related uncertainty. In contrast, confidence fell quite sharply in Western Europe amid a large decline in the UK. Fears about large tax rises in the upcoming budget are likely weighing on UK accountants’ sentiment.

Meanwhile, it is no surprise that economic pressures continue to dominate risk perceptions among accountants globally, closely followed by geopolitical uncertainty. Cybersecurity was also ranked highly, reflecting its systemic reach across sectors and regions, with the survey revealing cyber risk is no longer just a challenge for IT teams — it has become a governance and cultural issue.

About ACCA

We are ACCA (the Association of Chartered Certified Accountants), the only truly global professional accountancy body. Since we were founded in 1904 we’ve been breaking down barriers to the accountancy profession. Today we proudly support a diverse community of over 257,900 members and 530,100 future members in 180 countries.

We’re redefining accountancy. Our cutting edge qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to lead and drive sustainable value in organisations and economies worldwide.

Guided by our purpose and values, we’re leading the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that focuses on people, planet and prosperity to create value for all.

Find out more at: www.accaglobal.com

About IMA® (Institute of Management Accountants)

IMA® is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant), CSCA® (Certified in Strategy and Competitive Analysis), and FMAA™ (Financial and Managerial Accounting Associate) certification programmes, continuing education, networking, and advocacy of the highest ethical business practices. Twice named Professional Body of the Year by The Accountant/International Accounting Bulletin, IMA has a global network of about 140,000 members in 150 countries and 200 plus professional and student chapters. Headquartered in Montvale, New Jersey, USA, IMA provides localised services through its six global regions: The Americas, China, Europe, Middle East/North Africa, India, and Asia Pacific. For more information about IMA, please visit www.imanet.org.

About GECS

The Global Economic Conditions Survey (GECS), carried out jointly by ACCA and IMA, is the largest regular economic survey of accountants around the world in both the number of respondents and the range of economic variables it monitors. The GECS has been conducted every quarter since 2011. Its main indices are good lead indicators of economic activity and provide valuable insight into the views of finance professionals on key variables such as investment, employment and costs. The risk culture survey began in Q4 2022 and has been included in GECS since Q2 2023.

Fieldwork for the 2025 Q3 survey took place between September 9-25 of 2025, gathering 842 responses.