The ACCA and IMA (Institute of Management Accountants) Global Economic Conditions Survey (GECS) showed a small decline in confidence among accountants globally in Q3. While confidence remains higher than the near-record low in Q1 amid the outbreak of the conflict in the Middle East, it remains in the low range it has moved in since late 2024. Confidence improved somewhat among chief financial officers (CFOs) but caution appears to remain the order of the day. 

The other key indicators remain consistent with a resilient global economy. The Global New Orders Index improved and is just above its historical average and broadly similar to other readings since the aftermath of Russia’s invasion of Ukraine. There were also small gains in the Global Capital Expenditure and Employment indices, although both remain below series averages. The AI boom continues to provide major support to global growth and stock markets.

Downside risks are growing though, amid the renewed rise in energy prices and inflation in recent months, large increases in government bond yields, and tighter monetary policy. Cost pressures remain a major challenge for firms - almost 70% of surveyed accountants globally reported increased operating costs in Q3 - down from Q2, but well above the series average. 82% of CFOs experienced higher costs, barely lower than in Q2. Meanwhile, almost 50% of respondents expect interest rates to rise in their country over the next three months, up from 42% in Q2. 

Among the major economic regions, confidence rose quite strongly in North America in Q3, driven by a marked rise in the U.S., where the key indicators point to a strengthening economy. Western Europe saw some improvement as well. By contrast, there was quite a large fall in confidence in Asia Pacific following a huge increase in Q2, although there was another increase in the forward-looking New Orders Index, which is close to the series high. The region’s exporters are key beneficiaries of booming global AI-related investment. 

Economic pressures remained accountants’ top risk priority in Q3 (24%), followed by geopolitical instability (18%), and then regulatory/compliance risks and cybersecurity (c.13%). The open-ended responses suggest that the initial shocks to businesses are only part of the story. Some accountants are tracing how disruption works its way through customers, suppliers, technology and finance before it affects a service, margin or a decision.

Alain Mulder, Senior Director, Europe Operations & Global Special Projects at IMA, said: ‘There is something of a tug of war going on in the global economy at the present time, with the AI boom a major driver of growth and stock markets, while higher energy prices, inflation and government bond yields are pulling in the other direction. Further significant gains in energy prices and government borrowing costs would be increasingly challenging for global growth’.

Jonathan Ashworth, Chief Economist, ACCA, said: ‘While the global economy has shown remarkable resilience this year, downside risks remain prevalent. The longer energy and other prices remain elevated, the greater the pressure on firms to pass on their cost increases, which would weigh on consumers and increase the likelihood of further rate hikes by the major central banks’. 

Ashworth concluded: ‘Growth in the U.S. and global economies continues to benefit significantly from the AI boom. Anything that fuelled a meaningful slowing in that over coming quarters, would clearly be problematic’.    

Read GECS Q3 2026 here 

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